27 Feb What is a Commercial Contract?
What is a Commercial Contract?
A commercial contract refers to a 
between parties in which they are obligated to do or not do certain things. Contracts may be written or verbal and drawn up in a formal or informal way. Most businesses create contracts in writing to make the terms of agreement clear, often seeking the services of a solicitor | lawyer when drafting important contracts. Contracts may encompass all aspects of a business, including the sale of a business, the purchase of a business, franchise agreements, hiring of employees or contractors, wages, employee safety, leases of equipment or property and loans.
The list of types of commercial contracts could also be extended to leasing, statutory compliance, contract negotiation and drafting, consumer protection, security documentation, terms of trade, company registrations | incorporations, joint ventures or disputes there is no substitute for quality legal assistance by a lawyer who understands your New Zealand business.
A breach of contract occurs when one of the parties fails to live up to the agreements. In such a case, the law is required to provide a remedy, which may or may not involve the court system enforcing the contract or asking the party to compensate for any damage done by the breach.
For further legal assistance on any commercial | business matter, please contact the friendly and approachable legal team at Auckland law firm Quay Law.