Commercial Legal Drafting
The concept of commercial legal drafting applies to almost every facet of your business, from its day-to-day running to sales and acquisitions, and even in moments of dispute or when things go wrong.
Documents that require commercial legal drafting might set expectations between two or more parties, outline consequences for instances where those expectations are not met, might be used as a basis for negotiations, dispute resolution or employee reward, and can be used – if necessary and appropriate – as a basis for litigation proceedings.
Fundamentally, commercial legal drafting is a way of protecting your business and its interests.
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How Loch Law can help
The team at Loch Law has extensive experience drafting legal documents. Those documents often include things like:
- Articles of association
– These written rules outline how a company should be governed and run. The document is considered a cornerstone constitutional agreement and can be viewed by the public on Companies House. - LLP agreements
– Agreed upon and signed by all parties entering a limited liability partnership (LLP), an LLP agreement outlines the roles and responsibilities of the partnership members, adhering to the Limited Liability Partnerships Act 2000 and any other LLP legislation that might apply. - Joint venture agreements
– Two or more separate business entities that are setting out on an enterprise with a common objective will require a joint venture agreement. That agreement will outline financial contributions made by each party towards the venture, and the terms for its dissolution. - Share scheme rules
– Rewarding your employees with a share scheme can align their interest with those of the shareholders, encouraging productivity. Doing so can be a tax-efficient way of recognising company-wide efforts. Share scheme rules might define how long shares must be held before they can be sold, and what rights they, as a shareholder, have. - Terms and conditions
– Terms and conditions documents ensure that your products or services are being used appropriately and within the bounds of law. Terms and conditions might explicitly highlight copyright conditions and age restrictions. - Supplier contracts
– Supplier contracts are used to define the rights and responsibilities of a business and its supplier. The document might outline financial implications if the supplier’s performance does not meet expectations. Equally, it might contain a clause specifying supplier ownership of a product until full payment has been made. - Memorandums of understanding
– Outlining the broad terms of agreement between two or more parties, this non-binding agreement might form the basis of subsequent legally binding contracts between the parties. - Shareholders’ agreements
– Defining how a company should be operated and outlining the rights and responsibilities of the shareholders, this form of agreement is created to ensure all shareholders, whether minority or majority, are treated fairly. - Partnership agreements
– Providing a framework within which the day-to-day running of the business is defined, a partnership agreement might include how a business’s profits are split, how disputes will be resolved, and how roles and duties are assigned. - Share purchase agreements
– A share purchase agreement outlines the terms and conditions relating to the purchase of a specific number of shares in a company.
Loch Law can also provide clarification on the terms set out in legal documents, offer assistance if a dispute arises, negotiate on your behalf, and represent you in court should the need arise.
Do you require commercial legal drafting services? Speak to us today.
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What are articles of association?
Articles of association is a constitutional document which sets out a company’s basic management and administrative structure. Contained within the articles of association might be guidance on the issue of transferring shares, the structure of board and shareholder meetings, the powers and duties of directors, the criteria for dividend payments, and lots more besides.
Are terms and conditions legally binding?
When the user or purchaser of a service or product accepts a document of terms and conditions, a contractual agreement is created between them and the provider. This contractual agreement is legally binding as long as the document contains the essential elements of a contract.
- In the UK, those essential elements are:
- Offer and acceptance;
- Consideration;
- Intention to be legally bound; and
- Contractual capacity.
What should a supplier contract contain?
A supplier contract is an agreement between a business and a supplier that the latter will deliver products or services to the former. Included in a supplier contract might be things like timeframes, responsibilities of both parties, pricing confidentiality clauses, and the level of expected after-sales service. The contract could also outline penalties for failure to meet delivery timescales or quality standards.
