People in Denver's business world enter into contracts every day. Some of these may be standard contracts, such as sale contracts or employment contracts. However, even a standard contract can involve a lot of negotiating before the parties come to an agreement. It is important, then, to have a basic understanding of how contracts are formed.
These days, business agreements in Colorado are often cemented not just by a smile and a handshake, but in a written contract. This contract will (hopefully) address all the parties agree to. This will include who will do what, for whom and by when. A well-drafted contract will also address any contingencies that may arise. With so much at stake, it is important that a person is represented by an attorney during contract negotiations.
A non-compete agreement is a contract where an employee agrees that, if the employee leaves their job, they will not work in the same occupation for a different employer (usually a competitor) for a certain period of time. These agreements help employers protect their interests from competitors. However, are such agreements allowed under Colorado law?
Recently, a cooler company in Boulder partnered with a logistics firm in Louisville to facilitate and oversee their product manufacturing in China. However, the partner failed to provide the manufacturing services they promised. The cooler company then sued and allegedly received some $32,000 in compensation.