Business professionals who are familiar with litigation know that going to court for a breach of contract or disagreement with an opposing party can be lengthy, costly and inefficient. Many contracts these days include an arbitration clause, which requires the parties...
Personal guarantees make a difference when collecting a debt
Binding contracts are a cornerstone of every successful business. They stipulate the goods, services, delivery date, and cost. They also should include various clauses, including what happens if the customer does not pay their bill. Some go a step further in asking...
Was it a contract breach to force you out of the partnership?
New business partnerships start with the best of intentions. The partners are excited by the new endeavor's potential and likely made serious commitments to help the company live up to its potential. Part of the process is creating a business plan, which includes a...
When should you use a specific performance clause?
Contracts are the lifeblood of any practical business model. Companies use them to hold others and themselves accountable for every transaction or deal. Many will feature different clauses to address potential issues specific to the agreement, and one of those is a...
How to notify tenants of evictions, lease terminations and property sales
Different property owners will have various leases. They likely will vary by building or space. How the owner will inform tenants will likely be based on local and state regulations and conditions outlined in the agreement. It is important to remember that owners must...
Take these three steps to protect the family business
Many family businesses here in Texas go back several generations with lasting legacies. However, the current caretakers of the ranch, store, restaurant or business need to adapt and grow to keep the lights on and prepare to pass it along to the next generation....
Who are third-party beneficiaries?
People assume that contracts are only between two parties, but others may benefit or suffer from a contract's performance. These are known as third-party beneficiaries, and they may have legal rights to enforce an agreement or share in the proceeds. They have this...
How courts may resolve a breach of contract
Contracts are the cornerstone of every binding business agreement. These agreements help to outline costs, deadlines, deliverables and other details. These commitments allow the business to move forward and commit to other contracts for generating income and providing...
Force majeure: an old concept for present-day issues
The pandemic has impacted businesses in many ways. There are supply chain issues that can prevent regular operation. There are challenges in finding new hires to replace departing staff. There are economic downturns and inflation. These are all common reasons for not...
Texas overhauls mechanic’s liens
Subcontractors, suppliers and design professionals build or improve interior or exterior spaces for commercial use. These are complex jobs that involve business agreements, schedules, and hard work, so the businesses involved deserve to get paid for their effort. Even...