Here are some tips for businesses handling disagreements about Buy-Sell Agreements. Buy-sell agreements are meant to protect parties during business transactions. Yet sometimes there are disagreements that occur between the buyer and seller. Disputes can create a disharmonious atmosphere and can harm the transaction for both parties involved. Many various issues may come up and the way they are handled will help to maintain the deal while protecting your interests. It is essential to protect your interests with representation from a qualified business litigation attorney.
Create a Good Contract
Disagreements occur most often between parties when the contract is unclear or does not speak to specific areas of concern. A contract that is poorly written will likely not properly protect you should a dispute arise. For this reason it is best to have the contract drafted or reviewed by an experienced contracts attorney to ensure that it is enforceable.
Get Everything in Writing
Sometimes changes are necessary; however, they must be properly incorporated into the contract to be legally binding. Simply making a verbal agreement regarding an issue will not be enough to supersede the original agreement. When a change or clarification is necessary be sure to have it added to the contract in the correct manner.
Understand the Dispute
Disagreements can easily get out of hand, in part due to miscommunication. When a dispute happens it is best to address it with the other party to determine the cause of the problem. Write down the nature of the disagreement so that you can better understand it later. Then, take time to review the contract thoroughly, with help from your attorney if needed. This will help you learn the options available to you.
Resolving Contract Disputes
When a contract dispute arises it is necessary to try to resolve it as quickly as possible. However, care should be taken to review the areas of concern to determine the best way to proceed. A knowledgeable business lawyer will examine your contract and represent your best interests. It is important to keep in mind that consideration must be given to both current and future ramifications in making any decisions.
Seek Legal Help
The longer a disagreement continues without resolution the worse it tends to get. Try to address the problem as soon as possible. A skilled business lawyer understands the issues and will work to resolve the problem favorably. Ideally, both parties should feel that their concerns are addressed and that the deal is a fair one. Your attorney will assist with the entire process and can actually address potential hot-button issues before they become problematic.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Handling Disagreements about Buy-Sell Agreements, or any other litigation matter, please feel free to contact Stockton D. Banfield at 480.461.5356, log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.