The Pawffice: 3 Business Agreements Attorneys Can Easily Help You Understand
I’m here to talk about something important: business agreements. You see, contracts are like bones. Some look tasty, but they might actually break your teeth. My favorite bone is fun because I like to throw it across the room and make a loud sound. I know the humans I live with don’t like how loud my bone is, but I don’t care.
In this blog post, I’ll show you why it’s crucial to have a legal expert by your side when you’re dealing with contracts, such as non-compete agreements, severance agreements, and buy/sell agreements.
Non-compete agreements
Do you like to chase squirrels? Well, imagine if someone told you that you can’t chase squirrels anymore. That’s how non-compete agreements work. They restrict your freedom to work in a certain field or industry, even after you’ve left a job.
For example, business attorney Jack Turner told me that salesmen can fall victim to signing a non-compete agreement. They may want to leave and start their own sales firm, but the non-compete won’t let them.
That’s why it’s important to have a lawyer review these agreements before you sign them. They can help you negotiate the terms, so you don’t end up being a dog without a bone to throw all over the house.
Severance agreements
Sometimes, humans like to give me treats when I’m a good boy. That’s nice, but what if they take away our favorite toy at the same time? That’s how severance agreements work. They offer you something, but they also take something away.
For example, they might offer you a lump sum of money, but you might have to give up your right to sue the company. You also could lose your right to go back to different locations of that company. A lawyer can help you understand the consequences of signing such business agreements, so you don’t end up with an empty treat bag.
Buy/sell agreements
Have you ever buried a bone and then forgot where it was? That’s how humans can feel when they’re dealing with buy/sell agreements. These contracts are used when someone wants to buy or sell a business or its assets.
They can be complex and involve many different parties. That’s why it’s important to have a lawyer review them. They can help you navigate the legal jargon, so you don’t end up losing your bone to someone else.
Drafting a buy/sell agreement is like burying a bone. You want to make sure it’s safe and secure. A buy/sell agreement should include important details, such as the purchase price, payment terms, representations and warranties, and conditions to closing.
Buying, selling, or splitting up a company can become incredibly personal. I remember when I was begging for food during lunch once. My coworker used to always give me bites of her chicken. Out of nowhere she stopped. When I asked why, she told me I wasn’t allowed to because my owner said I’ll get chunky. How dare he?! I was betrayed by the man whose floors are constantly littered with my toys. I thought we were in this together
That can be as equally as devastating to someone when their business breaks up, and going through an entire legal process can make the personal stings even worse. A lawyer can help you draft an agreement that protects your interests and ensures a smoother transaction instead of a really ugly one. (Like that cat that lives next door)
Thank you for reading this Pawffice on Business Agreements!
I hope this blog post has taught you something valuable. Business agreements can be tricky, but with the help of a legal expert, you can avoid any contractual hazards. Remember, always have a lawyer review your contracts before you sign them. It’s the smart thing to do. For more helpful tips from me, click here to view the blog!