Navigating International Agreements with Confidence

The Most Common Contract Mistakes Business Owners Make and How to Avoid Them

Fri, 24 Apr 2026 17:32:32 GMT

The Most Common Contract Mistakes Business Owners Make and How to Avoid Them

Contracts are part of everyday business. From vendor agreements and client contracts to employment terms and partnerships, most business owners sign far more agreements than they realize.

Yet many legal disputes don’t start with bad intentions, they start with avoidable contract mistakes . These issues often remain hidden until something goes wrong, at which point fixing them becomes far more expensive and stressful.

Here are the most common contract mistakes business owners make and how to avoid them before they become problems.

1. Relying on Verbal or “Handshake” Agreements

Handshake deals may feel efficient, especially when working with long-time partners, friends, or trusted vendors. But verbal agreements are one of the most common sources of business disputes.

The problem isn’t trust, it’s memory and interpretation. When expectations differ later, there’s no clear reference point.

How to avoid it:
Put agreements in writing, even for long-standing relationships. A written contract doesn’t signal mistrust, it creates clarity, alignment, and protection for everyone involved.

2. Using Generic or Online Contract Templates

Online templates can be tempting. They’re fast, inexpensive, and often marketed as “one-size-fits-all.” Unfortunately, business contracts rarely work that way.

Templates often:

Miss state-specific legal requirements
Fail to address your unique business risks
Use vague or outdated language
Create false confidence without real protection

How to avoid it:
Use templates only as a starting point, never as a final solution. Have agreements reviewed and customized to reflect your business structure, industry, and goals.

3. Not Clearly Defining Roles, Responsibilities, and Deliverables

Ambiguity is a contract’s biggest weakness. When responsibilities aren’t clearly defined, disputes tend to follow.

Common issues include:

Unclear scopes of work
Missing timelines or milestones
Vague payment terms
Undefined decision-making authority

How to avoid it:
Spell out expectations clearly. A strong contract leaves little room for interpretation and answers the question, “Who is responsible for what and when?”

4. Overlooking Termination and Exit Provisions

Many business owners focus heavily on how an agreement begins, but not how it ends. When relationships sour, unclear exit terms can trap businesses in costly or restrictive arrangements.

Problems often arise when contracts:

Lack termination rights
Require excessive notice periods
Include automatic renewals without review
Fail to address post-termination obligations

How to avoid it:
Always review termination clauses carefully. Understanding how and when you can exit an agreement is just as important as signing it.

5. Ignoring Dispute Resolution Clauses

Dispute resolution language is easy to overlook until it’s too late. Contracts often dictate how disagreements must be handled, mediation, arbitration, or litigation, and where they occur.

If these clauses aren’t reviewed carefully, businesses may find themselves:

Forced into expensive litigation
Locked into unfavorable jurisdictions
Unable to pursue efficient resolution options

How to avoid it:
Ensure dispute resolution terms align with your risk tolerance and business priorities. In many cases, mediation or arbitration can save time, money, and relationships.

6. Signing Without Fully Understanding the Terms

Time pressure is real. Many contracts are signed quickly to move deals forward, meet deadlines, or maintain momentum. Unfortunately, rushing often leads to overlooked risks.

This is especially common with:

Employment agreements
Vendor contracts
Partnership or operating agreements

How to avoid it:
Slow down. Ask questions. If a provision isn’t clear, it’s worth clarifying before signing. Not after a dispute arises.

7. Failing to Review and Update Contracts Over Time

Businesses evolve. Contracts that made sense three or five years ago may no longer reflect current operations, growth, or risk exposure.

Outdated contracts often fail to address:

New services or revenue streams
Regulatory changes
Ownership or management shifts
Growth-related risks

How to avoid it:
Schedule periodic contract reviews, especially during growth phases or year-end planning. Proactive updates reduce surprises and strengthen long-term protection.

Why Proactive Contract Review Matters

Most contract disputes are preventable. Clear, well-structured agreements reduce uncertainty, protect relationships, and support smoother operations.

At Okunade LLP , the focus is on helping business owners avoid disputes whenever possible and handle them strategically when they can’t be avoided. Thoughtful contract review and planning are often the first line of defense.

Final Thought

Contracts shouldn’t feel intimidating or disposable. When thoughtfully structured and regularly reviewed, they provide clarity, reduce risk, and support long-term business stability.

If you’re unsure whether your current agreements truly reflect your business today, a proactive contract review can help identify gaps, clarify obligations, and prevent issues before they arise. Contact us today to address these questions early is often far more effective than trying to resolve problems after a dispute has begun.

Why Every Business Owner Should Review Their Legal Agreements Annually

Tue, 24 Feb 2026 22:03:31 GMT

Why Every Business Owner Should Review Their Legal Agreements Annually

Running a business means making decisions every day. Many of them strategic, some of them time-sensitive. Legal agreements often fade into the background once they’re signed, quietly governing relationships with clients, vendors, partners, and employees.

The problem? Businesses change. Contracts don’t. Unless, someone reviews them.

An annual legal agreement review helps ensure that the documents supporting your business still align with how you actually operate today.

Contracts Are Living Documents Even If They Don’t Look Like It

Many business owners assume contracts only need attention when something goes wrong. In reality, agreements shape expectations, define risk, and determine outcomes long before a dispute ever arises.

Over time, contracts may no longer reflect:

Changes in services or pricing
Growth in staff or operations
New regulatory or compliance requirements
Shifts in ownership or management
Evolving risk tolerance

A contract that once worked well can quietly become outdated or even harmful without anyone noticing.

Common Issues Found During Annual Reviews

Annual contract reviews often uncover small issues that could create big problems later, including:

Outdated or Vague Language
Terms that once seemed clear may no longer match how the business operates, creating confusion or exposure.
Missing or Ineffective Termination Provisions
Contracts may limit your ability to exit an agreement cleanly or require excessive notice periods.
Misaligned Dispute Resolution Clauses
Agreements may require litigation when mediation or arbitration would be more efficient and cost-effective.
Compliance Gaps
Changes in employment law, industry regulations, or state requirements can leave older contracts out of step.
Auto-Renewals and Auto-Termination Clauses Without Oversight
Some agreements renew automatically, locking businesses into unfavorable terms year after year. Some other agreements also include auto-termination clauses, even when the business continues between the parties.

Annual Reviews Support Smarter Business Decisions

A proactive review isn’t just about risk, it’s about strategy. Reviewing legal agreements annually allows business owners to:

Identify potential issues before they escalate
Renegotiate terms from a position of strength
Align contracts with growth goals
Improve operational clarity
Reduce surprises and disruptions

For many businesses, this process becomes part of year-end or early-year planning alongside financial and tax reviews.

When Is the Best Time to Review Legal Agreements?

While contracts should always be reviewed before signing, additional reviews are especially important when:

Expanding services or entering new markets
Hiring or restructuring staff
Bringing on partners or investors
Updating pricing or delivery models
Preparing for a sale, merger, or succession

Even in the absence of major changes, an annual review provides peace of mind and clarity.

The Role of a Business Attorney in Annual Reviews

An experienced business attorney doesn’t just look for technical issues, they help interpret how agreements function in real-world scenarios. The goal is not to rewrite everything, but to ensure your contracts support your business rather than restrict it.

At Okunade LLP , the focus is on helping business owners take a proactive, practical approach to legal planning. We identify risks early and address them thoughtfully.

Final Thought

Annual contract reviews are one of the simplest ways business owners can reduce legal risk while supporting long-term stability. If your agreements haven’t been reviewed in the past year, or no longer, reflect how your business operates today. A proactive review can help clarify obligations, strengthen protections, and prevent avoidable disputes before they arise.

Employment Law for Employers: A Strategic Guide to Protecting Your Business

violet@centricso.com (Violet Breeden) — Thu, 31 Jul 2025 18:47:30 GMT

Employment Law for Employers: A Practical Guide to Protecting Your Business

Running a business comes with many responsibilities, and one of the most critical areas to manage is employment law. From hiring and termination to workplace policies and compliance, understanding employment law is essential to protecting your company from legal risks and ensuring fair treatment of employees.

Key Areas of Employment Law Every Employer Should Know

Employment law covers a wide range of topics, but here are the most important areas business owners should be aware of:

1. Hiring and Onboarding

Anti-Discrimination Laws: Employers cannot make hiring decisions based on race, gender, religion, age, disability, or other protected characteristics.
Background Checks: Ensure compliance with federal, state, and local laws when conducting background checks to avoid potential legal issues.
Employment Agreements: Clearly outline job roles, expectations, compensation, and any restrictive covenants like non-compete agreements.

2. Wage and Hour Compliance

Fair Labor Standards Act (FLSA): Establishes minimum wage, overtime pay, and classification of employees (exempt vs. non-exempt).
Independent Contractors vs. Employees: Misclassifying workers can lead to penalties and lawsuits. Ensure proper classification based on duties and work structure.
Payroll Compliance: Adhering to tax requirements, wage deductions, and record-keeping laws is crucial to avoid financial penalties.

3. Workplace Policies and Employee Rights

Employee Handbooks: A well-structured handbook sets clear policies on conduct, benefits, discrimination, harassment, and workplace safety.
Americans with Disabilities Act (ADA): Employers must provide reasonable accommodations for employees with disabilities.
Family and Medical Leave Act (FMLA): Covers unpaid, job-protected leave for eligible employees due to medical or family-related reasons.

4. Managing Employee Performance and Discipline

Progressive Discipline Policies: Clearly outline steps for addressing employee misconduct or performance issues to maintain fairness and consistency.
At-Will Employment: Most states allow termination without cause, but employers should document all disciplinary actions to prevent wrongful termination claims.
Retaliation Protection: Employees are legally protected from retaliation if they report workplace violations, discrimination, or harassment.

5. Termination and Layoffs

Wrongful Termination Risks: Ensure terminations comply with federal and state laws to avoid lawsuits.
Severance Agreements: Offering severance in exchange for a release of claims can help mitigate legal risks.
Layoff Compliance: Follow Worker Adjustment and Retraining Notification (WARN) Act requirements for mass layoffs or business closures.

Why Compliance Matters

Employment law violations can lead to costly lawsuits, government investigations, and damage to your company’s reputation. Taking proactive steps to comply with labor laws helps create a fair, safe, and legally sound workplace.

How Okunade LLP Can Help

At Okunade LLP, we specialize in helping business owners navigate employment law with confidence. Whether you need assistance with policy development, compliance training, or legal defense, our team provides expert guidance tailored to your business needs.

Don’t leave your business vulnerable to legal risks—contact Okunade LLP today to ensure your employment policies and practices are legally compliant and strategically sound.

If you have questions about your rights as an employee, contact Okunade LLP today for experienced legal guidance and support.

Call us at: 303-440-7855

Fill out a contact form

Know Your Rights: A Practical Guide to Employment Law for Employees

violet@centricso.com (Violet Breeden) — Mon, 30 Jun 2025 18:03:01 GMT

Employment Law for Employees: Understanding Your Workplace Rights

Whether you're starting a new job or have been with your employer for years, understanding your rights in employment law can help you navigate workplace policies, protect your rights, and ensure fair treatment. Knowing what you’re entitled to as an employee can make all the difference in creating a positive and legally protected work experience.

Your Rights as an Employee

Federal and State employment law provides protections for workers in several key areas.

Here’s what you need to know:

1. Fair Pay and Work Hours

Minimum Wage and Overtime: The Fair Labor Standards Act (FLSA) ensures employees receive at least the federal or state minimum wage and are paid overtime (time-and-a-half) for hours worked over 40 per week if they are non-exempt.
Misclassification Issues: Employers sometimes misclassify employees as independent contractors or exempt workers to avoid paying overtime. If you believe you're misclassified, you may have a legal claim.

2. Workplace Safety and Health

OSHA Protections: The Occupational Safety and Health Administration (OSHA) enforces workplace safety regulations to ensure a hazard-free environment. Employees have the right to report unsafe conditions without fear of retaliation.
Workers' Compensation: If you’re injured on the job, you may be entitled to workers’ compensation benefits, covering medical expenses and lost wages.

3. Protection Against Discrimination and Harassment

Anti-Discrimination Laws: The Civil Rights Act, Americans with Disabilities Act (ADA), and other laws prohibit discrimination based on race, gender, age, disability, religion, and other protected categories.
Harassment in the Workplace: Employees have the right to work in an environment free from harassment, including sexual harassment. If you experience harassment, you can report it to your employer or file a claim with the Equal Employment Opportunity Commission (EEOC).

4. Family and Medical Leave Rights

FMLA Protections: Eligible employees can take up to 12 weeks of unpaid, job-protected leave for personal illness, the birth of a child, or to care for a sick family member.
Pregnancy and Parental Rights: Employers cannot discriminate against pregnant employees, and some states offer paid family leave benefits.

5. Wrongful Termination and Retaliation Protections

At-Will Employment: While most employment is “at-will,” meaning employers can terminate employment without cause, wrongful termination laws protect against firing for discriminatory reasons or as retaliation.
Retaliation Protection: If you report workplace violations, harassment, or safety concerns, your employer cannot legally retaliate against you.

Certain State laws, including Colorado, offer even more protections under their laws for employees.

What to Do If Your Rights Are Violated

If you believe your employer has violated your rights, you have several options:

Report the issue internally: Many companies have HR departments or complaint procedures to address workplace issues.
File a complaint: You can report discrimination or harassment to the EEOC or your state labor board.
Seek legal advice: If you’re facing workplace mistreatment, wrongful termination, or unpaid wages, an employment law attorney can help you understand your options.

How Okunade LLP Can Help

At Okunade LLP, we are committed to protecting employees and ensuring their rights are upheld. If you’re dealing with workplace disputes, discrimination, or wage concerns, our legal team is here to advocate for you.

If you have questions about your rights as an employee, contact Okunade LLP today for experienced legal guidance and support.

Call us at: 303-440-7855

Fill out a contact form

Navigating International Agreements with Confidence

Fri, 24 Jan 2025 14:03:15 GMT

Navigating International Agreements with Confidence

In a globalized economy, small businesses often extend their reach beyond borders, engaging in international contracts that open new doors to growth. But with international agreements come unique challenges. Complexities of foreign laws, cultural expectations, and unfamiliar business practices can easily turn an opportunity into a costly dispute. At Okunade, LLP, we help small businesses resolve these international conflicts smoothly, working toward solutions that save time, preserve relationships, and protect valuable business assets.

In this blog, we discuss the main reasons behind international business disputes, the distinctive characteristics of international arbitration, and how our tailored approach at Okunade, LLP ensures that our clients are prepared, informed, and protected every step of the way.

Common Triggers for International Business Disputes

While international partnerships bring valuable opportunities, they also come with distinct challenges that can lead to conflict if not carefully managed. Here are a few frequent causes of disputes in global business relationships:

Ambiguities in Contract Language and Interpretation
Drafting an international contract is more than just translating words. Different legal systems and linguistic nuances mean that even well-crafted agreements can be open to interpretation. Ambiguities in language can lead to misunderstandings, often around core issues such as payment terms, intellectual property rights, or delivery obligations.
Jurisdictional Conflicts and Legal Compliance
With each country enforcing its own legal standards, what’s permissible or enforceable in one country may be void in another. This often complicates agreements, as disputes over which country’s laws should govern the contract can add layers of complexity and risk to the business relationship.
Differing Cultural and Business Norms
From communication styles to expectations around deadlines, cultural differences can significantly affect business. In some cultures, informal agreements are taken seriously, while in others, every commitment needs to be spelled out in writing. Unresolved cultural misunderstandings can sometimes grow into larger disputes.
Quality Control and Delivery Standards
In international supply chains, quality control and delivery are common friction points. When products do not meet expectations or timelines aren’t followed, issues can quickly arise. These disputes often require specialized expertise in international trade standards and logistics to resolve effectively.

How Okunade, LLP Helps Clients Tackle International Business Disputes

International disputes require a sophisticated approach that considers both the legal and cultural dimensions of the conflict. At Okunade, LLP, our strategies are designed to prevent conflicts when possible and to resolve them efficiently when they arise. Here’s how we help our clients navigate international disputes:

Proactive Planning: Setting Up for Success
We work with clients at the onset of any international agreement to mitigate risks before they turn into conflicts. This includes careful contract drafting, ensuring that key terms are clear and enforceable, and aligning expectations around critical areas like payment schedules, IP protections, and dispute resolution methods.
Additionally, we advise on the best dispute resolution language to include in contracts, whether it be local courts, international arbitration, or mediation. Planning in advance makes dispute resolution easier and more predictable, ensuring that our clients are prepared from the outset.
Utilizing International Arbitration for Efficient Resolution
When disputes do arise, arbitration offers a path forward that avoids the complexities of foreign court systems. International arbitration is particularly valuable in cross-border agreements, as it allows parties to settle disputes in a neutral location with agreed-upon rules, and the resulting decisions are widely enforceable across countries.
Our attorneys help our clients navigate international arbitration forums, including the International Chamber of Commerce (ICC) and the London Court of International Arbitration (LCIA). We guide clients through each stage, from selecting an arbitrator who understands the nuances of the industry to presenting compelling arguments that protect their interests.
Collaborating with International Experts
International disputes often require input from foreign legal experts who understand the nuances of local laws and business customs. When necessary, we collaborate with a network of trusted professionals across jurisdictions to provide clients with insights tailored to their specific situation, ensuring no details are overlooked.
Alternative Dispute Resolution: Preserving Relationships and Reducing Costs
For clients who prioritize preserving business relationships, we encourage alternative dispute resolution methods like negotiation and mediation. Unlike litigation, which can be adversarial, these approaches allow parties to work together toward a mutually beneficial solution. Mediation, in particular, can be highly effective, helping clients avoid protracted legal battles and come to an agreement that keeps their business relationships intact.
Streamlining Litigation for International Cases
In some cases, litigation may be unavoidable. When international litigation is necessary, Okunade, LLP is prepared to represent clients in foreign courts. This requires a strategic approach, as we work closely with local counsel to ensure that our clients’ interests are vigorously defended. We focus on securing a swift and favorable resolution that minimizes business disruption.

Trust Okunade, LLP for Your International Business Disputes

At Okunade, LLP, we’re dedicated to helping small businesses navigate the complexities of international agreements and disputes. Our experienced team is here to offer guidance every step of the way, from initial contract drafting to dispute resolution. By providing proactive solutions and efficient representation, we work to save our clients valuable time, resources, and worry, allowing them to focus on building their businesses. If you’re navigating an international business dispute or planning an overseas partnership, let us support you with the expertise and dedication your business deserves.

Resolving Business Disputes

Thu, 19 Dec 2024 04:50:22 GMT

Disputes that arise can disrupt even the most prepared business owners

Running a successful business involves managing countless moving parts, from operations to finances to growth planning. But sometimes, disputes arise that can disrupt even the most prepared business owners. At Okunade, LLP, we know that business conflicts are more than just legal challenges; they can impact livelihoods and relationships that took years to build. That’s why we take a strategic, client-first approach to help our clients achieve the most favorable outcome possible, saving them time, resources, and stress.

In this blog, we explore the common reasons why business disputes occur, the process we follow to navigate these issues, and how our approach minimizes stress for our clients while helping them reach the best possible outcome.

Common Causes of Business Disputes

Business disputes can stem from a variety of sources, each with unique complexities. Here are some of the most frequent areas of disagreement:

Contractual Disputes
Contracts form the backbone of business relationships by clarifying roles, expectations, and responsibilities. However, misunderstandings often arise due to vague language, differing interpretations, or even unintentional oversights. A breach of contract – when one party fails to meet their obligations – can also lead to disputes that demand legal intervention.
Partnership and Shareholder Disputes
For businesses with multiple owners, differences in goals, profit sharing, and decision-making can lead to conflict. These disputes are particularly sensitive, as they can fracture relationships that took years to develop.
Employment Issues
Wage disputes, termination disagreements, and workplace discrimination issues are common employment-related conflicts. While some can be handled internally, others require external legal assistance to protect the business’s interests.
Vendor and Supplier Disputes
Businesses often rely on third-party vendors and suppliers. Issues around pricing, quality, or delivery can strain these relationships, potentially impacting business operations. Early intervention is key to resolving these disputes effectively.
Client or Customer Disputes
Disagreements with clients or customers directly affect reputation and revenue. Addressing these diplomatically can make a big difference in maintaining positive relationships and avoiding further issues.

Okunade, LLP’s Approach to Resolving Disputes

When a small business encounters a legal conflict, it’s crucial to have experienced legal guidance. At Okunade, LLP, we pride ourselves on taking a client-focused approach to dispute resolution, minimizing disruptions and working toward solutions aligned with each client’s business goals. Here’s how we do it:

Initial Consultation and Strategy Development
Every case begins with an in-depth consultation, where we ask detailed questions to fully understand the conflict and the stakes involved. We review contracts, communication records, and other relevant documents to build a comprehensive view of the situation. With this information, we create a tailored strategy that considers all possible outcomes. Whether our client is looking for a quick settlement or ready to pursue a formal legal claim, we provide guidance on the best course of action.
Exploring Out-of-Court Solutions
In many cases, a favorable outcome can be reached without stepping into a courtroom. Options like negotiation, mediation, and arbitration offer opportunities to resolve conflicts in a less formal, often faster way. Our team is skilled in these alternative dispute resolution methods, working hard to reach a fair agreement that protects our client’s interests while saving time and legal costs.
In negotiations, we serve as strong advocates, representing our client’s position clearly. Mediation can be highly effective, especially when both parties are open to compromise. Arbitration, meanwhile, offers a binding resolution similar to a court judgment but typically with a faster timeline and lower costs.
Litigation
When out-of-court options aren’t feasible or don’t lead to a satisfactory resolution, we’re fully prepared to litigate. Our attorneys have the experience and resources needed to handle every aspect of the trial process. We meticulously gather evidence, prepare our clients to testify if needed, and advocate assertively for their interests in court. While litigation can be demanding, we handle as much of the process as possible, keeping clients updated on key developments without overwhelming them.
Minimizing Impact on Business Operations
Legal disputes can be time-consuming, taking business owners’ focus away from their primary responsibilities. At Okunade, LLP, we aim to minimize the impact of these conflicts on daily operations. By managing the legal complexities and acting as a buffer between our clients and the opposing parties, we help them stay productive and continue business as usual.
Transparent Communication
Throughout the process, we prioritize open, transparent communication. We explain each stage in plain language, empowering our clients to make informed decisions and providing peace of mind. Our clients know that they can rely on us to handle the details, and we make it a point to keep them informed without overwhelming them.

Moving Forward with Okunade, LLP

At Okunade, LLP, we’re dedicated to providing reliable, approachable legal support for small businesses facing disputes. We know that when conflicts arise, your focus should be on your business – not on lengthy legal battles. If you’re dealing with a business dispute, trust our team to guide you through the process with expertise and a focus on your goals.

Contact us today by phone (303) 440-7855 or by email at Info@okuandellp.com

When a Business Agreement Becomes a Business Dispute

Wed, 04 Oct 2023 20:41:29 GMT

A Business Deal Can Be A Wonderful Thing Until it Becomes A Business Dispute

Business deals are exciting and typically are a cause for celebration. In certain instances, this celebration is short lived, and conflict can occur even before the excitement wears off. Business disputes can occur often, and it is good to have your ducks in a row prior to the dispute or as soon as you see

conflict brewing and there is an unwillingness to compromise.

Conflicts can be due to:

Policy: Different points of view on how the business should be run
Profits: How to split or share the profits that the business makes
Parting Ways: Someone within the business agreement wants to separate themselves from the business.

Okunade LLP is here to provide business dispute litigation

There are 4 major types of business litigation:

1. Business to business

Business to business (B2B) partnerships are often created because they are very helpful. In some cases, they can become delicate and complicated. Once that happens, professional mediation or legal advice on your business arrangements is needed.

2. Partnership Disputes

These are the most common disputes. This typically happens when leadership or management have a disagreement, and the conflict becomes a larger problem for the business. This is could be as a result of a change in leadership, a difference in direction of the company, hiring woes or financial disputes.

3. Financial Agreements/Breach of Contract

Money and profits can bring on disputes between members and managers, and within business arrangements. When a contract is signed, then the agreement is legally binding and can be upheld in a court of law, barring any applicable defenses to the contract. If the agreed upon contract is violated or not upheld by one or more parties, then there is a direct violation of the agreement. When this happens contacting Okunade LLP is a must to help reach a sensible resolution, with or without litigation.

4. Employment Disputes

This can take a couple of forms:

1) It can be a dispute between an independent contractor and a business that hired the independent contractor

2) this type of disputes show up in employment-based discrimination cases where an employee is bringing or an employer is defending against an employee’s unlawful discharge based on martial status, age, disability, sex, race or any other form of employee discrimination. Okunade LLP works with both employees and businesses in these types of disputes.

Don’t wait until you have a business disagreement to seek a business dispute attorney. A business attorney will get to know you and your business needs. The attorney will anticipate your growth, create contracts, and walk you through your options.

If you are a:

Small Business
Corporation
LLC
Partnership
Entrepreneur

Then you need Okunade LLP as your business dispute attorney!

If you believe the other party is not living up to its/his/her other end of a bargain, it is important that you consult with, or hire, a trustworthy business litigation law firm like Okunade LLP to handle your complex business matters. Doing so may lead you to save time and money. Let our business litigation attorney walk with you through your business arrangements and disputes.

Contact Okunade LLP today

Probate and ALL the Things

Wed, 26 Jul 2023 20:26:26 GMT

“Death is not the end. There remains the litigation over the estate.”

– Ambrose Bierce

What is Probate?

Probate is the legal process of managing someone’s affairs after they die, whether they had a valid Will-including collecting their assets, paying their debts, and distributing any remaining assets.

There are 2 types of Probate:

Testate

-The Decedent died with a valid Will. The Will provides instructions on how the Decedent’s affairs are to be dealt with.

2. Intestate

-The Decedent died without a valid Will. The Decedent’s affairs are dealt with according to applicable probate laws.

Preparing for Probate

Step 1
Request any automatic debits/credits from the Decedent’s bank or other financial accounts are stopped. Some banks will not allow this until after the Personal Representative has been appointed, while others will put a temporary hold on the Decedent’s account if presented with the Death Certificate.
Step 2
Locate and secure the Decedent’s assets-including their home(s) or other real property, vehicle (s), cash, and any tangible personal property. It may be prudent to change the locks on the house and avoid driving the Decedent’s vehicle(s). i.e., jewelry, artwork, collectables, etc.
Step 3
Obtain at least 10 copies of the original Death Certificate. These can be obtained from the funeral director or directly from the county’s vital records department. Collect and save the Decedent’s mail (even “junk” mail). Forward the Decedent’s mail to the nominated Personal Representative.
Step 4
Locate and secure the original copy of the Decedent’s Will and determine who has been nominated as the Personal Representative in the will. *Sometimes a personal representative may be called an Administrator or Executor*
Make funeral/burial/cremation arrangements as directed in the Will, if applicable.
Step 5
Gathering Information about the Decedent-Their legal name and any maiden names, aliases, or nicknames the Decedent was known by date of birth, date of death, and social security number. The address of their primary residence (at the time of death). List all decedent heirs-including their spouse, children, grandchildren, parents, siblings, etc. *also include heirs that died before the decedent. Documentation of or list of all the decedent assets, their approximate value, and documentation regarding any liens or encumbrances.

*Mortgage or auto loans. Contents of Decedent’s purse/wallet-Particularly their driver’s license, credit/debit cards, insurance cards, and cash.

Need assistance Preparing for Probate? Contact Okunade LLP

What is a Will and why is it important?

The will is also known as a last will or last testament. This is a legal document written by the Decedent with instructions on how they would like their affairs to be handled after they die. A Will usually includes instruction for how debts are to be paid, who should receive certain assets, and whom they want to oversee their affairs (known as the Personal Representative).

What if there is no Will?

Without a valid Will, the applicable probate laws determine how decedent’s affairs will be taken. The Personal Representative is obligated, by law, to abide by the terms of the Will and/or the applicable probate laws, regardless of what the Decedent wanted or even what the Decedent may have said prior to their death.

Why is it important to have a Will?

After someone dies, their Will becomes the go-to for how their affairs will be handled.

Can I change someone else’s Will?

The terms of a Will can only be changed via a written amendment to the existing Will (called a codicil) or an entirely new Will, which the Decedent and two witnesses have signed.

Requirements for a Valid Will:

The testator must be at least 18 years old. “Testator” is the term used for the person for whom the Will has been written. It must be signed and dated by the testator.
A handwritten Will is known as a “Holographic Will” and is valid if it is handwritten, signed, and dated by the testator. Holographic Wills do not need to be accurate and binding.
It must be signed and dated by two witnesses who are not beneficiaries of the Will. The witnesses must be able to attest that the testator was sufficiently competent (of sound mind and memory) and signed the Will freely and voluntarily. i.e., people who will not inherit from the testator.
Though not a requirement, it is prudent for the testator to include a “Self-Proving Affidavit” with the Will, signed by the testator, both witnesses, and a certified notary public. Without a Self-Proving Affidavit, one or both witnesses may be required to testify after the testator’s death that the Will is valid.

What is an Estate and how Personal Representatives play a part?

An Estate is a legal entity that becomes the owner of all assets the Decedent owned prior to their death-including all real estate and personal property. The probate court appoints a Personal Representative with the power to manage the Estate’s affairs.

What is a Personal Representative (sometimes called an Administrator or Executor) is the person who is appointed by the court to manage the Decedent’s Estate and make sure the probate process is completed.

Duties of a Personal Representative:

Manage the Estate and administer probate in accordance with the Will and/or applicable probate laws for the benefit of the Estate’s heirs and creditors. A person with fiduciary duty is held to a very high standard.

*A fi duciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust.

Primary Duties:
Locate and collect all of the Decedent’s assets
Discharge the Decedent’s debts
Distribute the balance of any assets to those who are entitled to the assets.

The role is vital and can be complicated and time-consuming, especially when the Estate is large or complex or when probate is contested. Personal Representatives are encouraged to seek legal advice like Okunade LLP, to ensure they follow the law correctly and protect themselves from personal liability.

Who can become a Personal Representative?

Anyone 21+ years of age can be nominated as a Personal Representative, but specific individuals have priority to be appointed as the Personal Representative, in the following general order:

A person named in the Decedent’s Will to be the Personal Representative
The Decedent’s spouse or partner in a civil union
Other heirs or devisees of the Decedent

*the court ultimately has the final say in who is appointed the Personal Representative

Heirs vs. Devisees

You have probably heard of the term “Heir” many times and have a general understanding of its meaning. An heir is a person who is entitled to inherit from an Estate because they are related to the Decedent.

A devisee, on the other hand, is a person who is entitled to inherit certain assets from the Estate as described in the Decedent’s Will. Devisees do not need to be related to the Decedent, but a person can be both an heir and a devisee.

Probate vs. Non-Probate Assets

In some instances, not all the Decedent’s assets become part of the Estate. Certain asses, such as pa-on-death (POD) accounts, life insurance policies, and trusts, transfer from the Decedent to the named beneficiary(ies) automatically upon the Decedent’s death. These “non-probate assets” are not included in the probate process.

Any asset that does not have a named beneficiary or was not owned in joint tenancy with the Decedent becomes an asset of the Estate and is known as a “probate asset.”

Probate assets must be managed and distributed/transferred by the Personal Representative as instructed in the Will and/or applicable probate laws.

How long does the probate process take?

By law, generally, a probate case must stay open for at least six months before it can be closed. Most probate cases will remain open for at least one year to allow enough time for the Personal Representative to complete their duties correctly. But complex or contested probate cases can be open for several years. This also means that, other than non-probate assets, heirs, and devisees should not expect to receive any Estate assets they are entitled to for at least one year.

Contested Estate

Many probate cases are uncontested, and the Personal Representative can administer the Estate in accordance with the Decedent’s Will and/or applicable law with minor oversight by the court. In case where a Decedent’s Will is contested by any parties, it may be prudent for the Personal Representative to seek legal counsel and assistance from the court in deciding some of these more complicated situations.

Small Estates

In the state of Colorado, if the Decedent’s total net probate assets are less than $74,000 (as of 2022 in the state of Colorado which is adjusted every year) and the Decedent did not own any real property, then the Decedent’s assets can be collected and distributed without the need for opening probate.

The person entitled to the Decedent’s assets (whether by Will or by law) may complete and present a Small Estate Affidavit to the person/entity in possession of the assets (such as a bank). A Small Estate Affidavit should only be used after a thorough investigation of the Estate has been conducted.

The Decedent’s debts have been paid, and all the Decedent’s assets have been located to avoid any repercussions (including criminal and/or civil liability) from using a Small Estate Affidavit prematurely or inappropriately.

Probate can be very confusing and strenuous process. If you or a loved one is going through Probate Arbitration or Litigation, or you need to set yourself or a loved one up for probate, contact Okunade LLP and we can walk with you during the process. Okunade LLP would want you to understand the process and make it so that you understand the process and have a sound peace of mind.

5 Keys to an Enforceable Business Agreement

Mon, 01 May 2023 16:41:30 GMT

“It is impossible to unsign a contract, so do all your thinking before you sign.”

-Warren Buffet

An enforceable contract agreement protects you and the person/company that you are entering an agreement with. It lays out the specifics of the agreement and adjustments to the agreement being aware of them before signing. A business agreement can involve business, personal, employment, services given, services paid for, or various other instances an agreement can be written for. This blog will lay out the 5 keys to an enforceable business agreement to protect you and/or your entity.

1. Have the contract in writing - no matter what

The digital world that we live in today makes it very simple to sign an agreement. Written evidence can make a difference in the courtroom. Having a written contract is proof of what was discussed, laid out, and the expectations of the parties as it relates to their responsibilities within the contract. If there are any adjustments to the contract, make sure that it is written as an amendment to the contract signed by both parties to show that the changes have been agreed upon. This protects the parties that are entering into the contract.

2. Clearly identify the parties by their correct name and relationship

When entering into a contract make sure that you have each party’s (person or entity’s) legal name. Make sure to cover any DBAs (doing business as), or if entering into a contract with an Influencer, make sure to have the Influencer’s legal name and/or such Influencer’s tagname. Also, make sure to include the party’s valid contact information for notice purposes.

3. No detail or condition is too small to leave out

It is generally better to have too much information about contract terms than too little. Important information to keep in the contract can include, payment arrangements, non-compete clauses, confidentiality, dispute resolution, and in some cases, indemnification clauses. *Quick note: an indemnification clause is a clause to compensate the other party (the indemnified party) for certain costs and expenses.* Make sure that the contract includes everything that you want and have agreed upon.

4. Agree ahead of time on circumstances that might lead to the termination of the agreement

It is prudent to include a termination section within the contract. A termination clause lays out how the agreement can be terminated, when it can be terminated and who is responsible for legal fees upon termination (if legal fees apply). This section may also include how issues are to be resolved (how risks can be allocated and/or mitigated). Be sure that you are fully aware of this section in your agreement.

5. Keep it simple and confidential

A simple contract is easy to understand and there is no ambiguity in the terms of the agreement or the expectations of the parties involved. Make sure to contact an attorney to help you maximize your benefits within a contract and reduce your risks and exposure within a contract.

Here at Okunade LLP we can assist you drafting, reviewing and/or litigation of your contracts.

Contact us now

**Disclaimer- the content on this post is for informational purposes only**

But if you have questions or concerns we would love to connect with you and see how we can assist you in your legal needs.

What to consider when entering an Influencer's Contract

Tue, 28 Feb 2023 22:58:25 GMT

This is the day and age where our social media has been taken over by Influencers. As an Influencer, you will be approached by a sponsor or a business partner that sees your content and potential and wants to work with you. But what are the first steps? What should you take into consideration? Be it law, health and fitness, product placement or entertainment all Influencers should take the below list into consideration before signing a contract.

The Who

As with many contracts, when entering and signing a contract have a clear understanding of whom the parties you are entering into the contract with. It is essential to enter the contract with the correct corporate entity, since they are the ones paying you.

Is this an exclusive contract?

Clarify and understand if the company does not want you in collaboration with their competitors. Clarify if exclusivity is involved because the contract can be terminated if exclusivity is violated.

Is there a Moral Clause?

Brands can try to breach contact, with permission. This can happen if an Influencer is found to be behaving or acting in a manner that the company finds to be negative on their look or brand.

Who has the right to the licenses?

The Influencer is typically the owner of the content, this content needs to be clarified if the third party can reproduce, copy or publish content? Also, if the third party can use the Influencers name, image and likeness to promote goods and services.

Clarify standards and repercussions if these standards are broken ahead of time.

The What

What are the agreed services and post requirements? To determine this, get as many specifications in this area as possible. In all cases avoid ambiguity which can cause issues with payment and could make specific clauses in the contract null and void. Be sure to look at the FTC's (Federal Trade Commission) disclosure requirements and relevant consumer privacy laws. Lastly, make sure to understand what is being asked in the contract.

How many posts? Stories? Reels?
Which Platforms?
What is the timeline?
Will these be edited before posting?
How much creative control do you or the third party have?

These are just a few things to consider.

The How

How will you get paid? Will it be weekly? Monthly? Is it determined by views? By clicks? By subscriptions? Will your payment be wired? Check? PayPal? Venmo? Zelle? etc.

The When

What happens if the contract is breached by you or the company?

All language should be clear, example if a post is not made between 6-8am can you cure your breach with a notice? If so, how long is the cure? If the company does not pay in time, is the other party owed interest in their payment?

The Why

Why even bother with this article or with contracts for that matter? Parties do not enter a contract expecting a dispute. If there is a dispute, having a contract that lays out the expectations prior to signing it and protects you and your business. Having us at Okunade, LLP walk WITH you as you consider a contract, negotiate a contract or sign a contract will not only save you time and money at the beginning but also in the long run.

This information is not specifically for Influencers but any business person that is approached with a contract.

**Disclaimer- the content on this post is for informational purposes only**