A commercial contract is a contract between two or more parties relating to a commercial issue. For example, two construction companies agreeing to both work on a new building. It is not legally necessary for the contract to be written. If a contract is written, it is legally binding.
Commercial contracts can be:
An agreement between two or more businesses to work together on a new project
Used to create terms and conditions that the business and consumer will be legally bound by
The limitation period for breach of contract is 6 years from when the breach occurred.
Commercial contracts contain dispute clauses which set out the framework for resolving the issue.
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