But the agreement’s terms favored the supplier. This meant Jim couldn’t afford to fight even though he was right.
Here are three easy ways to fix business agreements…
1. The law governing the contract should have been that of the state where Jim runs his business.
2. The agreement should have required dispute resolution in Jim’s home county.
3. The contract should have slashed Jim’s costs by requiring mediation and/or arbitration.
Now if you’re using other parties’ business agreements when doing deals, the terms will disfavor you. Get an experienced contracts lawyer to review the agreement before signing.