Why Should You Hire A Contract Law Attorney

Lawyers in Huntsville AL

One of the most important reasons to consider hiring a commercial attorney is to handle contracts. Contracts serve as the most basic foundation for essentially every type of business dealing. It’s important to understand how a contract law attorney can help.

Drafting the Contract

The contract is the single most important aspect of your business affairs. A contract defines each relationship you make with another business person or institution. It commands both parties to fulfill their individual obligations or face repercussions if breached. While a good contract can support your objectives, a poorly drafted contract can cause more problems than it solves.

(Buying or selling a home? Real Estate contracts are exhaustive. Be sure you have full understanding of your real estate transactions.)

Common language errors may hinder the clear definition of your proposal. There could be major loopholes in your contract that would grant the second party the ability to break certain terms with no repercussions. Contract law attorneys are educated to understand the complexities of contracts and can work with you to create one that is clearly defined to protect your best interests.

Pursuing Legal Action

Because lawsuits and litigation are expensive, it is often most cost-effective for the party of a breached contract to negotiate and reach a settlement agreement before filing suit.

Contract lawyers are generally more successful at handling breach of contracts. The specific role an attorney plays depends on your role in the dispute. If you are the plaintiff, the objective is to forcibly assert and prove that a breach of contract took place.  In order to prove a breach has been made, you need to conduct very careful review of the contract. An experienced contract attorney understands contracts and the law governing contracts.

If you are the defendant, the lawyer’s role is to mount a vigorous defense and refute claims made by the plaintiff that a breach occurred.

Often-times very creative arguments will be made in court over very detailed points in a contract. A good lawyer will be prepared to face these arguments head-on.

The contract law attorneys of Wolfe, Jones, Wolfe, Hancock, Daniel & South, LLC, have a thorough experience in contract litigation, from state law to international contract enforcement. Learn more on our business attorneys can assist you.

Credit Card Fraud: How New Technology Could Make Your Company Liable

lawyers in Huntsville

Starting October 1st, credit card companies will begin to harness the power of technology in an effort to reduce credit card fraud in the United States.

Already, credit cards throughout the nation have been upgraded with EMV chips. You may have already seen one, or may have one in your possession. EMV chips work by replacing magnetic strips and ensuring that whomever is holding the card is the card owner.

While extremely beneficial for consumers, American retailers who fail to remain up to date with this technology could suffer the repercussions.  Below, we examine the effects EMV chips will have on businesses.

Liability Shift

In 2008, the United Kingdom adopted the use of EMV chips and has since seen a major decrease in fraud and identity theft. Magnetic strips have been outdated for some time, but different costs along the way have prevented the United States from staying up to date in credit card technology for some time.  By adapting EMV chips in America, credit card technology will finally match up with the always-increasing computer technology we have.  Consumers can finally breathe a small sigh of relief each time they make a transaction: their money and identity will soon be much safer.

Retailers, however, have some major reason to worry. Failure to purchase the terminals necessary to read these chips makes a business vulnerable to credit card fraud costs.  Banks will no longer be liable. Without these new terminals, your business can not offer the advanced security of EMV chips, making you the weakest link in the security chain, and ultimately the sole entity responsible for paying the costs of fraud.

Cost: Time and Money

Fortunately, if a business has adopted the new EMV technology by October 1, 2015, fraud is made nearly impossible.  This change will benefit consumers and businesses alike with a newfound feeling of safety in regards to money.

The negative? These terminals will cost your business a pretty penny, and a decent chunk of your time.  EMV terminals run around $400-$500 in cost, but advanced terminals are predicted to cost somewhere in the thousands. Not only that, but transaction time with your customers will increase, as the scanning of chips takes longer to process.

Remember though, the advantages of avoiding fraud liability – potentially forever – greatly exceeds any short-term costs your business might endure.

Litigation

Attorneys across the country are anticipating a high demand for help on this upcoming change. New parties will be acquiring the responsibility of fraud charges as banks step back. If your company is ill-prepared for these changes, due to lack of knowledge or funds, you could be subject to major financial damages.

Credit card fraud is a serious issue finally being addressed, but your business needs to be prepared.  Adapt to new technology before it’s too late.

Need legal assistance? Contact Wolfe, Jones, Wolfe, Hancock, Daniel & South, LLC today.

DISCLAIMER: No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.