Legal risks haunt us constantly when we sign contracts, purchase or sell property, business, etc. How to protect oneself?
First of all, you should take any agreement you sign, either with an individual or a legal entity, as seriously as possible. If one party under the agreement apply to the court, the judge will interpret the agreement literally, having regard to what is written in it.
Secondly, while making legally compliant documentation you reduce the possibility of adverse effects.
For example, you decided to purchase a real estate, a readymade business or a manufacturing facility. It is dangerous to take owner's words for granted. Of course, you will be assured that all documents are clean and a contract has a standard form. Do not worry and just sign it. In such cases, relying on trust is strictly prohibited. You cannot know what goals people you are dealing with have. Too much trust or desire to please someone may lead to loss of a newly acquired business, enterprise or real estate.
Having business nowadays is already a risk for many entrepreneurs. Everyone can make mistakes, but you should still be as prudent and knowledgeable as possible.
The risks may be different and of any type, but you should pay special attention to those of them which can lead to unpleasant consequences if being ignored.
1) It is a possible situation when the second party will not be able to perform their obligations properly. For example, when parties forgot to specify a clear time frame for fulfilling such obligations in the contract. Or property transfer, or delayed delivery, etc.
2) Accounts receivable may increase. If the agreement specifies too long delay in payment, it may lead to an increase in receivables. In turn, you will not be able to properly fulfill your liabilities to creditors.
3) Finally, there is a very high risk of losses, penalties and other 'unpleasant' payments.
In order to prevent this from happening, you should treat the transaction with maximum responsibility.
There is even a better way! You may let lawyers of Advocates Bureau YUG to perform assessment of legal risks. Our lawyers are professionals of contract law. We will help you to draw up a compliant contract, conduct a transaction and an analysis of legal risks. Arrange a meeting with us in ABY's office right now. Do not expose yourself and your business to risk!