Do you own your own business? Getting ready to start a new business? Wading through legal documentation can be a daunting task, to say nothing of writing your own. If you’ve ever downloaded or purchased a CD of legal forms with the intent of drafting your own contract, please proceed cautiously. Many of these documents are not drafted with Michigan law in mind.
If you draft a legal document, and any part of that document is ambiguous, a court of law is required to read ambiguity in favor of the other party. A written document also takes priority over any oral agreements that were made before the contract was signed. You must be absolutely certain that your final document contains everything that was discussed, such as warranties, payments terms, etc., or they will not be considered part of the contract.
Finally, certain provisions must be in writing and signed in order to be enforced. A court cannot award you the late fees on overdue payments, or your attorney fees in the event of a lawsuit, unless the other party has agreed in writing.
Regardless of the size of your business, when it comes to developing legal documentation, it is best to seek the help of a professional. Legal Strategies has experts in the area of corporate law who can help ensure that your legal contracts are complete and binding. Please request a free, no-obligation consultation.