A contract is an agreement between two or more parties that, when signed, becomes legally binding. Legally binding means that the terms of the contract must be adhered to or there will be legal consequences. These consequences often result in paying compensation to the other party for services not fulfilled.
Contracts are an essential part of life in both personal and business transactions. Businesses make contracts with suppliers, retail establishments and their clients. Individuals make contracts with their employers, with businesses, and even among family members.
A contract is something that should be taken seriously, from its creation to when it is signed. We recommend that all contracts are carefully reviewed by an attorney before execution to ensure that it is in your best interest.