As spring inspires fresh starts, it’s a great time to revisit an often-overlooked aspect of business operations: your business contracts and agreements.

 

Conducting a “spring cleaning” of your business agreements ensures they continue to align with your goals for the year and comply with new legal requirements. Here are the contracts to consider and what to look for in the fine print. 

 

What to Review

When reviewing your agreements, focus on key contracts such as:

 

• Client agreements to ensure terms reflect current services and pricing.
• Vendor or supplier contracts to confirm updated terms and delivery schedules.
• Employment agreements to update job roles, benefits, and compliance requirements.
• Non-disclosure agreements (NDAs) to safeguard sensitive information appropriately.
• Partnership or joint venture agreements to reflect evolving business relationships.
• Lease agreements to align with any changes in your space needs or rental terms.
• Shareholder Agreements to pursue ownership and management goals and ensure fair treatment and protection of shareholders' rights.

 

What to Look For in the Fine Print

 

1. Expired terms: Identify contracts with outdated provisions or agreements that may no longer apply to your current operations.
2. Regulatory compliance: Verify that your contracts meet the latest legal standards, particularly if recent changes in laws impact your industry.
3. Clarity and updates: Ensure that terms are clearly defined and that all contact information, roles, and responsibilities are accurate.
4. Termination clauses: Check for well-drafted termination clauses that provide flexibility while protecting your business interests.

 

If you’d like assistance reviewing or updating your agreements, we are here to help. Just email us or give us a call to schedule a time to discuss your needs.