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A contract is more than a piece of paper

On Behalf of | Dec 24, 2019 | Firm News

Opening a business is an exciting time for many North Carolinians. Once the owner obtains financing, the next step may involve finding a suitable location to set up shop. 

When on a budget, a new business owner may cut expenses. One area that should not suffer from a cut in funding is legal services, especially when it relates to a real estate contract. Understanding the importance of a contract is the first step to ensuring that the company does not suffer from poor terms. The team of professionals at Mewborn & DeSelms, Attorneys at Law, wants to educate everyone about the importance of contracts. It is legally binding and should benefit all parties involved. 

Sets expectations for the transactions 

Regardless of whether a business owner wants to purchase or lease a commercial space, the expectations of the deal need spelling out. A contract provides a detailed account of the agreement between the parties. The contract contains, in relevant part, the price, space and any conditions that may hinder the property. This information is critical should a dispute arise as to any of these elements. 

Allows the parties to hold the other accountable 

Signing a contract does more than facilitating the transfer of a key. It makes the agreement binding. Somewhere in the contract, the parties agreed to a list of remedies should someone decide not to move forward with upholding his or her end of the deal. These remedies most likely include a requirement to pay for legal fees and any other penalty payments set out in the agreement. If the parties need to head to court, the judge will follow the terms of the contract. 

Ensure that an exciting time does not wind up taking a nasty turn. Get any contract reviewed by a qualified professional for protection. For more helpful information, continue to our website.