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Entering into a new contract is an exciting time for any company. The agreement is signed with the hope that it will grow the business and result in a long, mutually beneficial relationship with the other side. While such optimism is warranted, the importance of entering into a legally sound contract is critical to the protection of your business.
Principal terms, such as pricing, delivery of the particular good or service, and payment terms, are essential. These terms likely will be discussed and resolved during the initial negotiation stage. However, there are also difficult issues that need to be negotiated into the agreement in the event the contract does not perform as expected.