The Essential Case of Contract Signing for Businesses
Sign your name on the dotted line; we cannot imply enough the significance of signing a contract every time you hire a service or strike a deal. Taking someone’s word as a guarantee or shaking hands over a business deal hardly applies as a vote of confidence. Even during the early ages, business dealings between two or more parties were based on the exchange of commodities. In the modern age, it has evolved into the practice of contract signing. It’s how one can legally protect and shield the business from shady and unethical service providers.
Surprisingly, it is common for small businesses and startups to consider the contractual agreement as an unnecessary hassle. Who would dupe us? We are a small enterprise, so there is nothing to gain! You might think that way, but contract signing is not exclusively to protect the business from fraudsters.
An array of things can happen, compelling your service provider or partner to go against what was promised, intentionally or unintentionally. Accidents do happen, and people can change their minds! In such cases, signing a contract protects an enterprise from the repercussions.
Have some queries regarding contract signing you need to clarify? Let’s find the answers together.
What is Contract Signing?
Yes! We are covering all bases and starting with the basics. A contract signed by two or more parties is a legal agreement. All parties involved in the agreement come to mutual grounds after negotiations and discussions. Accordingly, the clauses agreed upon by the parties involved are made into a contract, which post-signing becomes a legal document, considered valid in the court of law. If not signed properly, the contract becomes null and void.
The contract with the following clauses is considered legally binding and enforceable:
- Acceptance of the offer;
- Consideration by parties involved;
- Mutual understanding and obligation;
What are the various kinds of contracts?
- Service contracts;
- Business collaboration or partnership agreements;
- Joint venture agreements;
- Sales contracts;
- Employment contracts;
- Lease agreements, etc.
Why is it Important to Sign a Contract?
The importance of contract signing can be explained in the following points:
- Honoring the Mutual Commitment : Signing a service contract, a business partnership agreement, or otherwise is like forging a relationship. It makes the signees responsible for each other and holds them to their commitment on legal grounds. A contract is signed to add a sense of accountability to the signees. It solidifies the business relationship and acts as its proof.
- Legal Protection to the Signees & the Deal: Business relations are always at the risk of turning sour due to some unforeseen incident, misunderstandings, or conflict. That can impact the execution of the deal, affecting one of all the parties involved. With a contract binding everything together, there remains no room for the signees to act out or sabotage the business deal. Doing so can bring the responsible party under fire leading to compensation or penalty. Contracts are the ultimate means of protection for businesses. It’s a form of risk/crisis management.
- Takes care of the Regulator Compliances: Every business organization has the legal obligation to abide by certain regulatory compliances. Adhering to these rules allows them to conduct business in a specific location or across geographies. Oftentimes, an enterprise might unknowingly breach the compliances. But when there is a contract in question, there are clauses about regulatory compliances, which take care of the legalities.
P.S. when you sign a contract with us, we abide by geography-specific and industry-related compliances.
Other than these, signing a contract also helps in:
Expediting the payment process involved in the business deal.
- It augments the operations related to the business deal, such as project management, project delivery, etc.
- It acts as a tool of communication and collaboration between the signees.
- Last but not the least, signing a contract adds more credibility to the business and its operations amongst peers, service providers, and clients.
It brings us to an essential part inadvertently related to the practice of contract signing; to hire or not to hire a professional company for solutions and services. How it’s related to this blog? Read below to understand why!
Why Hiring a Professional Company has more Merit?
Contract signing is a practice that is inherent within the foundational policy of a professional company. A credible company like, Brainium Information Technologies will never shy away from signing a contract with a client or a service provider, which adds more relevance and value to our offerings. However, when working with suppose a freelancer, one can hardly expect such legal bindings, making the business relationship more prone to risks.
Freelancers can quit the work in the middle of the project, and you would have no obligations binding them in absence of a contract. Here are a few more reasons why hiring a professional company is more beneficial.
- Professional companies follow a definite protocol of work, which upholds the transparency of the process. The client is constantly kept in the loop throughout the process.
- The projects are handled by a team composed of selective individuals with specific strong points enabling smooth execution of the project.
- You won’t have to worry about meeting the deadlines; the project management will take care of that.
- You might think that it is costlier to work with a company, but in the long run, it pays off through greater ROI. Moreover, the company would be there to reach out to any future complication in the delivered product; it won’t be the same when working with a service provider that does not sign a contract.
- A company will have a robust infrastructure to ensure data security during project development, which under most likeliness will be absent from what a freelancer has to offer.
- You can expect ongoing client support and maintenance from a professional company.
Contract Signing with Brainium: How it Benefits You?
Now that we have covered all the essential points concerning the value of contract signing and working with a professional company, let’s get you up to speed on how Brainium checks out on all of the above-mentioned criteria.
- We sign a comprehensive contract with each of our clients and vendors to maintain a stringent legal binding that protects and respects the business commitment. Our legal team takes care of the minutest detail and the regulatory compliances while drafting the contract considering the interests of all parties.
- Brainium is a one-stop solution for businesses. We not only create innovative digital products but help clients to deploy and promote the same followed by lifetime support. That’s something you will not get from a freelancer!
- Ours is an intensive process of innovation. We ideate, implement and execute custom solutions.
- Project delivery is always on time; we do not believe in any delays. When we mention a date of delivery on the contract, our team ensures to abide by that clause.
- When hiring us for app development, web development, digital marketing or hiring developers, businesses confide us with sensitive data. We ensure absolute security with an advanced and robust infrastructure. Your data is safe with us.
Contract signing with Brainium gives you access to innovative thinking, quality digital solutions, work transparency, lifetime support, and absolute abidance with the compliances.
On An Ending Note : Brainium Information Technologies is an ISO-certified company that has forged business relationships and earned the trust of more than 2000 businesses across geographies. It all comes down to our assurance of quality, innovative offerings, and the fundamental policy of playing by the legal rules, i.e., contract signing.
Feel free to reach out to us with any queries regarding our services or a free consultation; we would be happy to extend our expertise.