Have you been asked to enter into a confidentiality agreement?
Do you know the difference between a guarantee and an indemnity?
In the course of running and developing your business you will encounter a wide range of commercial agreements. In each situation you need to consider the interests of your business in the long term.
Commercial agreements such as distribution, agency or supply agreements frequently contain clauses such as implied terms, waiver, termination, exclusion and entire agreement clauses. In addition, there are inevitably guarantees, warranties or indemnities.
You may have a good working relationship with the representative at a particular supplier, but what would happen if they moved to another company?
If you are to engage with another business on a new project or if you have expressed an interest in acquiring another business, you will be required to enter into a confidential or non-disclosure agreement. If you are developing a new product or business concept then you will be anxious to protect your intellectual property. In the case of a business acquisition these agreements are always drafted heavily in favour of the selling entity and can contain very draconian clauses relating to solicitation of staff or competing with the seller if the deal does not complete.
It is important that any agreement is reviewed by a solicitor to ensure that you are not agreeing to something that would restrict your business in the future.
At Myers & Co Solicitors, our team of experienced commercial solicitors in Staffordshire can assist you by explaining the legalese in plain English and to put in place the commercial contracts that are appropriate for your business needs and ensuring that it has the protection that it needs.
Based in Stoke-on-Trent, Staffordshire, our commercial lawyers have a reputation for providing accurate advice, and dealing with complex problems in an efficient manner. For further advice contact our commercial law solicitors or call Myers & Co on 01782 577000.
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