Our expert lawyers will assist and provide professional advice and solutions for the following commercial law services:
Contracts and agreements play an important role in everyday business life.
ABMS Lawyers have years of experience with commercial law, including handling debt recovery legal action for institutions and business’s of all different sizes.
Debt Recovery can become very urgent – we can help
We understand the urgency of recovering debt as soon as possible. Our lawyers will assess each case and will determine the best way to proceed, whether that is a letter of demand, a court summons or serve a bankruptcy notice.
Cost Clauses in Your Contracts
When selling goods or services it is important to have terms and conditions to ensure that you can claim your costs of recovery of outstanding debt. By having a well-prepared terms and conditions costs clause will allow the recovery of more legal fees and expenses that may have been incurred.
Confidentiality and non-disclosure agreement contracts are legally binding. The aim of this kind of contract is to ensure that specific information is kept secret and confidential.
Types of Confidential Information:
Our professional commercial lawyers provide expert legal advice about what you should be aware of when entering a partnership agreement.
What is a Partnership Agreement?
This type of agreement is a contract that is entered into between yourself and your partner in business. It will outline each partner’s responsibilities and duties they will need to uphold and fulfil. This agreement will help determine how important matters are undertaken and the way that decisions are made as well as how disputes are handled.
Once the document has been written up and each of the partners has signed, the contract becomes legally binding and enforceable.
What Terms Should be Included in a Partnership Agreement?
There are many different types of contracts in commercial law. One type is a deed, these contracts are specifically used when each party will promise to or commitment to do something.
Deeds are often used commercially to indicate the serious nature of a commitment, such as when substantial shared interests are at stake. A deed is usually needed if:
What is the difference between an Agreement and a Deed?
In modern contract law the fundamental elements must include:
In an agreement, consideration demonstrates that both parties have accepted and agreed to provide or do something in return for a promise.
However for a deed there is no requirement for consideration for it to be legally binding. The binding nature of a deed means that both parties have already demonstrated their willingness to be bound into the deed agreement.
Common Types of Deeds:
Usually when securing a loan there is a requirement to provide some form of guarantee to the lender. Often this takes the form of an asset that the lender can sell off if the loan is not payed off.
What is a Guarantee security agreement?
A simple security agreement/document that will state the conditions where the guarantor will take over the borrower’s repayment obligations upon a default. It is the responsibility of the lender to ensure that the guarantor is able to fulfil the obligations that are outlined in the agreement. The guarantor is equally as responsible to ensure that the borrower can uphold their obligations too.
Guarantees can be provided by:
For small businesses, it is common for an individual to provide a guarantee. For larger more corporate entities the company will guarantee the repayment of a loan that has been borrowed by a subsidiary company has taken out.
It is advised that personal guarantees are avoided as this type of guarantee can expose the individual’s personal assets to the creditor.
What is a commercial loan agreement?
This type of agreement is generally between a lender such as a bank and a borrower. It is a legally binding contract that will detail all the monetary features that will be involved in the transfer.
Within a Standard Commercial Loan Agreement will be the Following Essential Clauses: