Its well-known starting business is challenging and multi-tasking. Having a solid business idea is base but requires to address and attend enormous aspects flowing from that business idea to kick off a new business. Checking for legality of the business in the initial phase of business from the ideation stage itself is vital. First and foremost, is to check whether the proposed business is not against the law of land. Any business which is opposed or against the law of land is illegal. Example of illegal businesses are illegal wildlife trade, counterfeiting, human trafficking, drug trafficking and list Continue Reading
Due diligence before any commercial transaction shows the business prudence and helps in multiple ways. Similarly, before singing any agreement, it is elementary and vital to protect the business as well as reduce the risks.How to reduce the risks and one of the ways is review and revisions of the Agreement. What Is Agreement Review? Agreement review means the process of thoroughly examining and understanding the terms and conditions of the proposed agreement prior signing to decide whether agree or not particular term/s. It is also known as redlining. Why Agreement Be Reviewed? It gives opportunity Continue Reading
Current pandemic COVID-19 is rewiring the each walk of life and increasing the need of virtualization and digitization wherever feasible. Consequently, demand for instant data access from anywhere& everywhere is increasing rampantly, which is mostly via use of clouds computing. Remote access and remote work on massive scale hugely depends upon cloud computing.Cloud computing savior to many businesses and various transactions which was once difficult to accept and adopt considering its reliability and security. Major Concerns Surrounding Cloud Computing Cloud Computing services are trending and in demand by leap and bounds due to its inherent nature of ease Continue Reading
“EMPLOYMENT BONDS” are mostly debated and usually comes with a host of crucial questions like whether employment bonds really work in India? or are employment bonds legally enforceable? Is the employment bond valid in India? Let’s explore the answers to these questions. WHAT IS EMPLOYMENT BOND? Employment Bound is an agreement between employer and employee it generally bars an employee from quitting the organization and/or joining some other organization before s/he completes a certain agreed period of time in this employment. WHAT ARE THE ELEMENTS OF EMPLOYMENT BOND? Employment bond contains terms and conditions stating the training given to the Employee Continue Reading
Read Carefully: Read each word in the agreement and take time to understand all the terms in the contract. Entire Agreement needs to read and understood before signing. Negotiate: It is essential to negotiate the terms which you feel are one sided or you don’t want to accept. Mutually acceptable needs to be part of the Agreement and non-consensuses terms shall be negotiated No Blank Space: Prior signing make sure no space left in any portion of contract and make sure nothing can be altered in the contract after signing. Cross Verify: Check whether the negotiated terms Continue Reading
It’s not uncommon leaving the start-up or business by founder or co-founder due different reasons. Departing of the founder or co-founder may adversary impact the organisation unless required steps are taken while forming business. Ways to Ease Co -Founder Exit Smooth: Planning early and adopting few precautionary measures are helpful to ease the process of founder exit smooth and also helps in reducing the adverse impact on the business. The below are the some of the common measures to plan and follow for smooth exit Execution of Founders Agreement: This agreement serves several purposes and one among them Continue Reading
Using standard contract templates in a business on day today basis for the similar types of the business transaction is common. Templates helps in saving the time and money but comes with associated risks and repercussions which are better to be know prior use and take steps to reduce and avoid the risks. Below are some of the illustrative risks associated with use of contract templates. I) Risk: Template usually lacks holistic approach and understanding of business transaction thereby carries more risk than specifically drafted agreements. *How to Reduce Risk while using Contract Template Use the template only after required Continue Reading
Benefits of hiring business lawyer from the day one of the business are enormous and elementary. Never wait for the legal hassles to hire lawyers/seek professional legal help be cautious of the repercussion’s of actions or inaction's in business operations. Here is the list of most basic and obvious reasons for hiring the business lawyer from the day one of the business. Being proactive prior lawsuits and avoid violations business lawyer is crucial Help the business to choose the business name including marking tag line Help choose most appropriate form of business entity Incorporate/ register the business Helps Continue Reading
Are you an entrepreneur or founder or investor? If yes then consider recording of proposed terms during discussion / negotiations with your vendor, supplier or any other stakeholder under terms of Term Sheet especially in case of large and complex deals. Term Sheet: It is called by different names like letters of intent, memoranda of understanding, heads of terms,letters of potential interest, protocols and so on. Whatever the heading may be but serves same purpose. What is Term Sheet? It is written document between the Parties which sets out the high level, important terms and conditions of the prospective Continue Reading
Legal tech is rapidly growing and its sub sects like legal process automation and Do it yourself law (DYI) is slowly gaining momentum. DYI use and efficacy in law is debatable. Legal professionals are divided in this DYI regime some are in favour and other against the use of it. But in spite of all these the fact is DYI is slowly getting ground. I) Why DYI in Law? DYI, as the name suggests it is “DO It Yourself” in lieu of legal help under legal regime. Due to the high fees / hefty legal expenses people may Continue Reading
