If you’ve focused on marketing your business but forgot to keep your business contracts updated, any increase in profits could disappear with just one lawsuit.
For example, many business owners didn’t have their contracts address what happens if there’s a global pandemic. And then COVID-19 caused chaos as governments shut down businesses. For many, this temporary closure became permanent as they couldn’t afford the consequences.
Of course, there are many other issues that need to be updated in agreements. For example, e-commerce agreements frequently need revisions to reflect technology changes and new privacy laws and regulations.
As a practical matter, it’s a good idea to have your key agreements reviewed annually so that important changes can be made.
What about existing signed contracts?
You can get those amended, particularly when it makes sense for you and the other party to have changes made to protect both of you.
To get help with this, the first step would be to set up a phone consultation with Business Lawyer Mike Young.
