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Using communication to reduce your risks of contract disputes

On Behalf of | Jan 21, 2021 | Business Law

Operating a business in Kentucky means the opportunity to interact with lots of other industry professionals. Preserving and strengthening business relationships is often supported through the use of a contract.

Preventing contract disputes from undermining valuable networks is a matter of communication, as well as mutual respect and responsibility.

The need for open communication

A staggering number of disagreements result because of misunderstandings. Miscommunication is often to blame. When you communicate regularly with clients, partners, investors and anyone else you may have a contractual agreement with, you can recognize misgivings before they morph into a more serious problem.

Before signing a contract verify everyone’s understanding of individual responsibilities. Discuss the terms and conditions of the contract including its length and purpose in preserving the relationship. Periodically assess everyone’s satisfaction. Promptly address issues that could lead to misunderstandings and work together to identify solutions.

The value of seeing the big picture

Solid business relationships can add significant value to your company. According to Inc., one thing you can do to prevent disputes is to focus on building sustainable relationships. Look at the big picture and assess what steps you should take now to preserve the integrity and benefit of the most meaningful relationships in your business.

When you look at long term benefits and have a clear idea of each party’s expectations, you can deliver promised results with confidence and enthusiasm. When you build professional relationships on communication and loyalty and back them with a well-written contract, you face significantly lower risks of experiencing a dispute. This could save you valuable resources and allow you to focus on building other aspects of your company.