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A few more reasons to write it down and get it signed:

• You could be liable to third parties for someone else's negligence or bad acts.
• Your liability exposure could exceed what you earned under the agreement.
• You could be forced to litigate in another state or country.
• Your company could end up responsible for undesirable agreement made on its behalf without authority.
• Independent contractors may be able to sue you as employees for additional compensation.
• Your IP and confidential information could be stolen.
• Unless written down, all facts are open to interpretation making litigation difficult and time consuming.

Here are some common types of contracts that help address these issues. Protect your interests by having templates ready to use.

• Operation/Company Agreement
• Independent Contractor Agreement
• Confidentiality or Non-Disclosure Agreement
• Master Professional/Services Agreement
• Software License Agreement
• Subcontract Agreement
• Website Terms of Use & Privacy Policy

Written by Intuitive Edge Team

1. Prevent or Minimize Disagreements and Court

It costs a lot less money to resolve a disagreement on our own than going to court. Court appearances and hiring a litigation attorney are costly and take up a lot of valuable time otherwise spent on making profit for your business. Looks like he forgot that they agreed to $400 to fix her car instead of his original offer of $500. A signed written agreement would prove that they agreed to $400. The cost of having a written agreement drafted is easily 10-20% of what you might otherwise pay in the first month of litigation!

2. Set Clear Expectations

It is important to set the price, scope of services, deliverables and payment terms (among many other things), depending upon the contract. Here are a few common terms that address concerns many business owners have when establishing business relationships with others:
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This is how invoicing and payment works between us
This is how I would like you to handle my confidential information
This is how we protect the business I already established with my customers
This is how we will handle it if one of us defaults

Written by Intuitive Edge Team
 

​1. What is a Contract? A contract is an oral or written agreement between two or more persons or entities that is enforceable by law. An exchange is made and promised. For example, Seller: “I will fix your car for $500”. Buyer: “I will pay you $400 to fix my car.” Seller: “Okay, I will fix your car for $400, deal.” Enforceable contract formed.

2. Oral vs. Written Contract. A contract may be oral or written. As long as it meets the legal requirements for contract formation, it is legally enforceable. And yes, a napkin agreement could count as a contract, so could email exchanges, verbal conversations and texts.

3. Benefits of a Written Contract. A signed written agreement allows you to override all previous conversations. Getting out of or collecting on an oral agreement could be difficult.
Avoid “he said, she said” disagreements.
Written by Intuitive Edge Team

​Are you ensuring that you have a good written contract in place with people or organizations you are doing business with? Why is this important?

As a general rule, individuals know that having promises in writing is a best practices policy. However, few truly understand the long-term implications of not having a well drafted contract in place.

1. Payment. The most important reason for entering into a well-executed contract is being paid the proper amount at the proper time for the proper work. If the contract does not explicitly state the amount of payment, the time for payment, and any conditions surrounding when payment is proper, then litigation could very well be on its way.

2. Enforcement. If a contract is drafted poorly or there is not a contract in place at all, then there is essentially no easy way to enforce the terms of the contract. Trying to take a matter to court or to mediation without a document that clearly lays out the terms is a sure fire way to waste time and money.

3. Relationship. Not having a contract in place can strain relationships when each party has a different idea of the agreement. When the agreement is transcribed into writing it is much less burdensome to go back to the contract to work out the misunderstandings.

Contract drafting is extremely important and a good contract can make our break a business deal. Sometimes a template will suffice when a deal is simple, but sometimes an entirely new and intricate contract needs to be drafted and it is best to have contract experts to help with the process. Intuitive Edge can be your one-stop contract experts ranging in expertise from simple templates all the way up to multi-million dollar contracts. Intuitive Edge also offers ongoing monitoring and maintenance of all your agreements. Contact us today to see how we can help with your contract needs.
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Written by Intuitive Edge Team

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​When building a limited liability company or LLC you want to make sure you take all the necessary steps to protect yourself and your business. If you create your LLC properly, then you are able to protect your personal assets from seizure if something goes wrong with your business.

1. Check your state's filing policy. In Texas, you are able to go to the Texas Secretary of State's website and they provide forms that meet the minimum state law requirements. You must file a certificate of formation with the Secretary of State and this can be done online. 

2. Talk to a tax professional. Making sure your finances are properly in place for a new business is key. You want to make sure you understand the tax and financial structure of your LLC and what forms you have to fill out and file with the IRS when tax season rolls around. Getting a CPA to help you set up for your books and keep track of assets and liabilities is important to start up front before the business starts to garner business.
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3. Employees or Independent Contractors? When forming your LLC you need to determine if you will have employees or independent contractors. Labor laws vary when it comes to employees versus independent contractors and misclassification on your part can cause huge financial risks. Taking an overview at specific state and federal laws governing categorization of workers before you hire someone can be extremely beneficial for the efficient running of any business.

Written by Intuitive Edge Team

The United States Patent and Trademark Office (USPTO) is the federal agency for granting U.S. patents and registering trademarks.  A provisional patent application is a legal document filed in the USPTO that establishes an early filing date, but does not mature into an issued patent unless the applicant files a regular non-provisional patent application within 1 year.  Once the provisional patent application is filed, the term “patent pending” may be used in association with the description of the invention.

 There are a few good business reasons for submitting a provisional patent:

1. It allows the business to use “Patent Pending” status on all of its business materials, which will typically increase quality sales prospects.
2. It allows the business to achieve a “first to file” legal status protecting the invention from others seeking a patent for the same invention.  
3. Investors are more likely to take you seriously with a patent pending.

If you have an invention, consider filing a provisional patent to protect it while building your customer base.  Contact an attorney to discuss patent ability and general strategies for your intellectual property.  Our patent and trademark attorney can help by emailing us at info@in2edge.com.

Written by Intuitive Edge Team

Intuitive Edge uses Teal as the main color in its marketing materials and logo.  Teal is part of the Turquoise family along with Aqua and Aquamarine, however Teal is the more sophisticated version that signifies trustworthiness and reliability while promoting advanced intuition and commitment.  Teal has the ability to identify the way forward, the way to success, balancing the pros and cons of any situation.  A perfect fit for the way Intuitive Edge approaches its services and supports its customers.

To go into a bit more detail, the word Teal comes from the bird in the duck family that sports this beautiful color on its head.  The color Teal is a combination of blue and a small amount of yellow providing a deep color that is between blue and green.  We emphasize the heavy green type of Teal in our color scheme.  The green is important because it represents balanced growth; one of our key objectives when working with our customers.   At the same time, the blue radiates calm and tranquility that is reassuring when dealing with the stress of deadlines and large volumes of difficult contract language.  The yellow provides an energy that is uplifting and inspirational which for us, promotes collaborative and diligent work. 

If you focus on this color, it can bring feelings of calmness or rejuvenation.  It can also be a helpful color when going through times of mental or physical stress because it helps with clear thinking and decision-making.  At a practical level, it assists in the development of organizational and management skills through influence rather than preaching and demanding, another important aspect of a successful change management approach utilized by Intuitive Edge.
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Written by Intuitive Edge Team