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Business owners are generally very good at making their own contracts, and some business owners prefer to operate on the strength of their word and their handshakes. In a free market, handshake agreements and the integrity of one’s word have traditionally been key ingredients to business success. However, our domestic markets as well as foreign markets are increasingly subject to government regulation and licensing, and what once were reasonable handshakes have now become violations of government policies. A legal review of regulatory and licensing requirements is essential to any new venture, and even established businesses are often unpleasantly surprised by the unnoticed enactment of new regulations or licensing requirements affecting their operations. While business owners are good at envisioning how their contracts will operate successfully, they are often very poor at setting up adequate provisions for self-protection in the event the contract terminates. Legal advice is especially helpful in drafting fair and unambiguous contract termination provisions. The last thing that any business needs is a lingering dispute over the “old business” of a terminated contract. |