The commercial endeavors of a business, whether big or small, is an intricate process and is one that is essential to strengthening a company. Commercial law regulates this process by setting out the rights, conduct and obligations of businesses in their commercial activities. Commercial law draws on different areas of the law such as contract law, corporations’ law, and trade practices and consumer law. Due to the complexity of the law of business, it is then important to have skillful and diligent commercial lawyers to assist in your commercial decisions.
Commercial lawyers can greatly assist in settling and navigating transactions, financials matters, commercial disputes and other issues of a business. They represent businesses and their relationships with other businesses and members of the public. Their role expands from reviewing the client’s instructions, advising businesses on their legal rights and obligation, and drafting and negotiating contracts – all with the main aim of ensuring certainty and efficiency in a business’ dealings.
Another two areas commercial lawyers are essential in is transactional work and litigation. Transactional work is primarily research based and ranges from company merges, initiating and delivering projects, and purchasing and selling services. It involves preparing and reviewing documents and working and negotiating with third parties. Litigation concerns the legal disputes and conflicts of a business and can include arbitration and mediation, as well as court appearances and class actions. Settling disputes can be a lengthy and costly process, but with the assistance of commercial lawyers, they can help manage your risk and prospects in a case, including your success in settling outside of court on your own terms.
Cost orders for violating business contracts, commercial disputes or engaging in unfavorable business activities is a common story for Australian businesses. It is for this reason consulting with commercial lawyers in your business’ activities is important and can be a significant tool in protecting your business in the future and continuing its success.