Closing deals is the lifeblood of your business. Whether it is an agreement with a supplier, selling products to customers, hiring valuable talent, or selling assets every business survives by transacting. However, not all transactions are simple. With complicated terms, it is easy to get lost while trying to finalize a deal.
The term ‘business transactions’ is somewhat vague. In general, it means any exchange between parties in which the value of the exchange can be quantified with money. Many people typically think of sale contracts, but there are various matters that are also considered transactions such as purchasing insurance or paying employees.
To help manage this complicated web, consider hiring a Bloomington business transactions lawyer today. With years of experience you can count on, an attorney could help you use the law to protect your bottom line.
Minnesota Business law
Minnesota, like most states, has adopted the Uniform Commercial Code (UCC) for many types of commercial sales and transactions. The UCC is a default set of rules that applies to a given transaction unless the parties contract different terms in writing. However, there are some basic terms that anyone doing business in Minnesota should be familiar with.
Many parties exchange forms, such as purchase or sale forms, without altering the form for a specific transaction. The terms on these forms almost never match up, such as when one party reserving and the other disclaiming the same warranties. Occasionally, an issue arises wherein the terms the parties agreed to is disputed. The UCC sets forth how the parties will determine what terms of the boilerplate forms are legally binding.
Warranties are a type of promise a seller makes to the buyer that the sale meets certain standards. The UCC provides four warranties for any sale, largely focusing on the status of legal title. There are two types of warranties, express and implied, which parties may use in different ways. The breach of a warranty can result in a lawsuit, so businesspersons should be careful what warranties they are bound by.
What kind of services can a Lawyer help you with?
Lawyers aren’t just for taking cases to trial. Many common transactions in everyday business could be eased with the help of a Bloomington business transactions lawyer.
As an advisor and advocate, a Bloomington business transactions lawyer could represent a company during negotiations of any kind. Commercial leases, an employee renewing a contract, or the sale of a business are all matters a Bloomington business attorney will handle competently and efficiently.
Contract Drafting and Review
All contracts are not created equal. Whether a contract must be drafted for a new deal or an existing agreement must be analyzed and explained, a Bloomington business transaction lawyer could help entrepreneurs understand what they are signing. Having deep knowledge of the contracts being used in transactions could help business owners negotiate for terms that are favorable to their market position.
Hire a Bloomington Business Transactions Lawyer Today
A business lawyer could be an invaluable resource in any deal you or your business is involved with. Hire a Bloomington business transactions lawyer and see what they can do for your business. From optimizing existing contracts to forging new business relationships, an attorney could be the partner you need to take your business to the next level. Call today to get started.