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The 5 C’s that you should know for contracts?

One of the most basic building blocks of good business is having a valid and concrete contract. Contracts, by nature, are meant to be a safeguard for both parties of the business agreement. When both parties agree upon the terms of a contract and sign, you’re taking the preemptive step to prevent any potential disagreements. If things go south, a contract gives you the ability to enforce those terms.

Contracts prevent misunderstandings. When an agreement has been hashed out between both parties, write it all down. Having clear and concise terms that both parties agree to will help shape the expectations and guide the performance of your duties. A contract ensures that both parties understand what the expectations are and what either of you will be receiving during and at the end of your working relationship. Without placing the terms of the agreement in writing, you will subject yourself and your company to legal headaches.

It is important to establish the scope of the agreement within the contract so that both parties understand their role within the agreement.

So, you want to get paid right? Having a signed contract means that you and the other party have agreed ahead of time on how and when you’ll be paid, and what happens if they stiff you at the end of the road.

A contract is your safety net just in case anything goes wrong. Once your contract has been signed, both parties are held to certain terms that have been agreed upon beforehand. If either party is found in any way to be in violation of these terms, legal actions can be pursued.

Intellectual Property

A copyright is the right to an original work of authorship. It protects original works of authorship such as books, art, and other creative works. Software generally falls under copyright protection. A copyright gives the rights holder the exclusive right to reproduce, adapt, distribute, perform, and display the work.

A trademark is a word, phrase, logo, or other sensory symbol used to distinguish a particular manufacturer or seller’s products or services from others.

Patents protect inventions. They give the patent holder the right to exclude others from making, using, marketing, selling, offering for sale, or importing an invention for a specified period. While a patent grants you the exclusive right to use the invention within a country during that period, you have to disclose how the invention works to obtain that protection publicly.

A trade secret is a formula, process, device, know-how, or other business information that is confidential to maintain an advantage over competitors. A well-known trade secret is for Coca Cola’s famously secret formula.

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