One of the areas in which Gordon Law assists its clients is identifying problems before they occur and then either preventing or minimizing them once they do occur. You can practice this important lesson by including a dispute resolution clause in all of your contracts. If you do not have such a clause, the only forum to resolve your differences will be in a courtroom through litigation. Litigation is time-consuming and expensive. In Las Vegas, it can take up to three years, on average, for a case to get to trial.

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Each and every day, in a multitude of ways, we all negotiate. Whether you are negotiating with your spouse, your child, your coworker or on a multimillion dollar contract, your mind goes through similar processes. Ultimately, you want a specific reaction or response and you have to engage in give-and-take to achieve it. Oftentimes, you do not get precisely what you want, but ideally you get the result with which you can live. 

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Letters of Intent (LOI) are used on a regular basis to spell out basic terms of an agreement prior to actually entering into a full and complete agreement. Most often we see LOIs in relation to commercial lease agreements, commercial sales agreements, and other commercial transactions. LOIs can be binding or non-binding. If they are non-binding, you have no agreement you can enforce. If the LOI is binding, a court may be able to determine and rule that your Agreement to Agree is truly a contract.

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TO DISCLOSE OR NOT TO DISCLOSE?

The Question of Non-Disclosure Agreements

If you are contemplating entering into a business relationship with someone, the first agreement you may encounter is a non-disclosure agreement (NDA). NDAs are used, among other times, when starting new businesses; acquiring new technology or other operational needs; and in the discussions to purchase or sell an existing businesses. Often times, one party to such a discussion will suggest that an NDA be executed and present the other party with a form agreement.

The following is a checklist for you to consider when either receiving or creating an NDA:

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As you are aware from my earlier blogs, it is vital for your business that you have and maintain good contracts.  As you know, a contract is an agreement that sets forth the rights and obligations to the parties.  However, one of the most vital reasons to have written contracts is to address what happens when things go south…when the other party to the agreement does not fulfill its responsibilities.  A dispute resolution clause can help you to know, in advance, how you can address contractual problems.

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A contract is nothing more than an agreement. Contracts can be verbal or written.  A contract should set forth the rights and responsibilities of the parties to the contract.  Simply put, who is going to do what.  Setting forth, in writing, your agreements is a vital exercise for the health of your business and your relationships.  By creating a written contract you are able to manage the expectations of the parties to the contract.  Most importantly, a well written contract will help you to avoid disputes in the future.

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