024: Why Contracts Are Important To Protect Your Business with Adrienne Ng of Open LLP

Focal Tangent: Perspectives That Shift

One of my lessons learned when I started my business is that I needed to have a service agreement or contract in place to protect my business. And not just any contract… I started off googling contracts on the internet and buying templates but I didn’t truly understand all the terms and conditions, the language… I would get questions from clients, some of the wording sounded scary, it didn’t cover all the scenarios I need to have boundaries on. It made me realize that I needed to have something created specifically for my business, in my voice. Which I did. I reached out to Adrienne Ng, Lawyer and partner of Open LLP and she helped me create contracts for my business that align with my BRAND, my vision, my mission, written in my voice and I understand how to use them. Expectations are clear on both sides, I have a point of reference when things become unclear.

Contracts are just one side of it, today we’re going to dive into law for startups and entrepreneurs with special guest Adrienne Ng, Law and Partner of Open LLP, a topic that I feel is so essential for the foundation of any brand and business to grow on.

Episode Highlights:

• Adrienne’s serial entrepreneurship journey
• Understanding law for start-ups
• Why contracts are important to protect your business and ensuring you’re on the same page
• Why a custom contract is recommended over a templated agreement
• How lawyers provide insight and value when creating contractual agreements
• Understanding the components of a valid contract; 1) Meeting of the minds and 2) Consideration
• Risks of not having a contract in place for your business

“The biggest risk of not having the kind of contract in place is there isn't any meeting of the minds. The parties have not thought about different eventualities or situations that have not yet arisen. And to distill it into simple terms is if you are not on the same page and something bad happens, then it's going to be very difficult to resolve because you have not agreed to it before you engaged with each other.” ~ Adrienne Ng, Lawyer and partner at Open LLP
Connect with Adrienne:

• Instagram Handle: https://www.instagram.com/open.llp/
• Twitter Handle@openllp
• LinkedIn Linkhttps://www.linkedin.com/in/adrienneklng/
• Facebook Link: https://www.facebook.com/openllp
• Website: http://openllp.com

Connect with Nathalie:

• Facebook: https://www.facebook.com/pictonatphoto/
• Pinterest: https://www.pinterest.ca/pictonatphotography
• Instagram: https://www.instagram.com/pictonatbrandingcreative/
• LinkedIn: https://www.linkedin.com/in/nathalie-amlani/
• Join the Free Facebook group - Focal Tangent: Brand Builder Society Community: https://www.facebook.com/groups/brandbuildersociety
• Website: https://pictonat.com