Properly drafted, thoughtful business agreements are crucial to the success of any South Carolina corporation, limited liability company, partnership or joint ventures. Businesses depend on business agreements with other businesses, individuals and partners to operate efficiently and effectively. It is highly recommended businesses use formal written agreements when conducting business transactions that state the parties’ expectations and provide dispute resolution mechanisms.
Business agreements are essential because they help account for negotiations, agreements between the parties, specific terms and conditions. Essentially, they ensure the parties are getting what they bargained for and if a conflict arises, written contracts are enforceable by a court. Well-drafted business agreements ensure the parties’ interests and expectations are represented.
Business agreements state the terms and conditions imposed on a particular transaction or business formation. They state what the duties and responsibilities of the parties are and delineate how disputes, if they arise, will be dealt with.