Our thanks to Chad Mitchell of Summit Law Group for his valuable presentation on risk management at our January meeting. For those unable to attend, here are the highlights.
1. Hire a lawyer - Chad admits that on the surface it may sound self-serving, but an attorney can provide the "magic language" for your contract, potentially saving your company significant financial resources.
2. Integrate oral promises into the contracts. Oral agreements executable within one year can be binding as can oral agreements for goods valued under $500.
3. Include the dispute resolution process within your contract. How will it be resolved? Good faith negotiation? Mediation? Arbitration.
4. Sign the Contract!! Be sure ALL parties have a copy of the signed contratc. Include any and all changes or modifications.
5. Once the contract is signed......FOLLOW IT!! Use it as it was intended.
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