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4 Types of Contracts Florida Business Owners Deal with Regularly

Written on November 18, 2021

Contracts play an integral role in any organization’s operations, so Florida business owners will deal with numerous types of agreements on a regular basis. There are those that you work out via an oral arrangement, contracts that must be in writing under the Florida statute of frauds – and still others that should be memorialized in a document signed by the parties. No matter what your industry, you will either be preparing contracts or negotiating one presented to you. They drive your business dealings, protect your interests, and provide you with options when it comes to disputes. 

You can always count on your Clearwater contracts lawyer for guidance with the details, but you may benefit from knowing some basics about the types of agreements Florida businesses encounter regularly.

  1. Service and Sales Contracts

Companies drive revenue by either selling a service or a product, so these agreements will be at the core of your business operations. In a contract for services, you will need to include terms and conditions for providing them, along with the obligations of the parties. Not all organizations will need a sales contract for the items they produce, so you might be able to incorporate the terms into an invoice or receipt. Plus, you certainly want a solid sales agreement in place for big-ticket items.

  1. Agreements Covering Intellectual Property

Employees and some business partners may have access to confidential information that has value to your company. To ensure that these proprietary details remain private – and retain their value – you will need to protect them through confidentiality, non-disclosure, and/or non-competition contracts. A Florida restrictive covenants attorney can explain what is required to safeguard such intellectual property as:

  • Customer lists;
  • Ideas and business processes;
  • Software, solutions, and inventions; and
  • Trademarks and trade dress.
  1. Letters of Intent

This type of agreement is meant as a type of “handshake” between the parties on the primary terms, with the expectation that they will formalize the details in an official contract. Be very careful with letters of intent, since there can be confusion over what provisions are binding versus non-binding. Most of these documents will not create legal obligations, but rather are expressions of the parties’ expectations – unless stated otherwise.

  1. Loan Agreements

Many companies will rely on lines of credit or other loans from financial institutions, and it is typically the bank that creates the contract. Therefore, it is critical to carefully review:

  • The total amount of the loan;
  • The payment schedule, including any penalties for pre-payment;
  • Warranties and representations; and
  • What happens in the event of default.

Speak to a Clearwater, FL Business Law Attorney About Important Contracts

A basic understanding of these agreements is helpful, but you may need more focused legal representation when creating and negotiating contracts. Plus, there are countless other contractual arrangements that impact your company throughout its lifecycle. Our team at Clearwater Business Law advises Pinellas County organizations on business law matters, so please call (727) 785-5100 to speak to a contracts lawyer. We can schedule a consultation to learn more about your needs.

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I strongly endorse Andrew Mongelluzzi. He is a very skilled and able business attorney focused on customer service and results. On the front end, Andrew deftly advises new businesses on organizing properly, acquiring necessary licenses, contracting with vendors & customers, and dealing with various compliance issues that may arise. On the back end when things go south, Andrew counsels and navigates businesses through complex commercial disputes and aggressively represents them in negotiations, mediation, arbitration, and in litigation so that businesses can legally move on and get back to business. Andrew’s ability to identify legal issues and approaches to resolve business-related issues is a strength that I have learned from and professionally relied upon in approaching the business matters and cases that I handle. I regularly refer business to Andrew knowing that he will diligently represent his business clients and their best interests.
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Attorney Mongelluzzi and his team provided excellent and quality service. I always felt that my needs were met and that the firm was invested in me and my case. The quality services I received at Mongelluzzi’s firm were remarkable. From the initial meeting they were responsive to my calls, questions and concerns. All issues were handled professionally and timely, easily accessible, got back to me quickly, aggressive and got me the results that I wanted. Attorney Mongelluzzi and his staff all gave my case their personal attention and provided the quality of work that anyone would want when hiring an attorney.

- Client

Andrew is very thorough defining the outcome expectations. In my case, it was setting up a new corporate entity. He advised me on the most beneficial option and he then executed on that path. Andrew is a very pleasant person to work with. He is determined, skilled and committed to his client’s success.

- Gil Pinney

Andrew helped me through a difficult situation with American Express and we won the case. A great job by Andrew! He also helped me with T&C’s in my company. I would recommend Andrew highly as an attorney.

- John Sams

As a business owner for 12 years I have seen my fair share of ups and downs. Some of the downs would include landlord/tenant disputes and creditors that may have not been fulfilled to agreement. Andrew has met both of these situations for me in a timely, positive, and affordable manner.

- Rich Mattes

It was very nice to have a lawyer who not only is fierce in negotiations but has been successful in business. This is a lethal combination. I was glad he was on my side.

- Nigel Castanheiro

Andrew helped me with a contract litigation case. The lawyers battled it out for over a year and we finally got a reasonable settlement offer. Then the other side tried to back out. Andrew figured out how to force the other side to honor the deal and really knows his way around the court system. Definitely feel comfortable using him again.

- John Ellis

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