Categories
Business

Role of a Commercial Law Firm in the Growth of Your Business

Practically speaking, nothing can exist independently. Whether you are an individual or a business, you need to co-exist. For a business, there are a number of stakeholders like suppliers, shareholders, customers, employees, etc. When a business associate with any of its stakeholders, a document having general guidelines and legal obligations of the two parties needs to be in place for a smooth and long relationship. A commercial law firm helps you construct this document and keep disputes at bay. A commercial law firm also plays a vital role in case of any conflict between the business and any other party.

Commercial law deals with commerce and trade interactions and transactions between a business and its suppliers, distributors, and consumers. Commercial law also extends to employee contracts and other business and financial agreements. When a business appoints a commercial law firm, it is outsourcing all the legal formalities and documentation to the law firm for getting an expert solution from their team.

Why do you need a Commercial Law Firm?

When a business engages itself in any commercial deal with another party, it usually thinks of all the business aspects but the legal side of it. However, when any dispute or conflict comes up, it is the understanding of the commercial law that saves the neck.

  1. Helps outline obligations for both the parties – Before getting into association with any party, be it a consumer or a supplier; it is important to clearly outline the various terms, conditions, legal obligations, expectations and other key features of the business relationship. For example, if a travel agency ignores to mention clearly its payment terms, a customer might insist to pay the agency only after completing his trip. He might argue that he would pay only if he felt that the trip was worth his expenditure. In such a case, he might even abandon the agency after his trip. Thus, it is crucially important for such a travel agency to define its payment and refund policy.
  2. Helps save time – For any individual or business, legal action is a headache. When a business has a commercial law firm by its side, it can set apart rules and regulations that can avoid unforeseen conflict situations and can thus save the time of the management of the organization for doing something productive.
  3. Helps resolve disputes – Before a dispute becomes a legal issue, it goes through various stages. These are – negotiations, mediation, arbitration and litigation. A commercial law firm has a team of experts who can save a business from a dispute and can resolve the matter before the final stage. Even if any such case ends up in a court of law, a commercial law firm can help you find a win-win solution for both parties.
  4. International Business Laws – A business operating in Israel would probably know the business laws of the country. However, in the 21st century, no business knows national boundaries. When a business is taken across different nations, the biggest issue it faces is – not knowing the International Business Laws. A commercial law firm can help a business expand its wings across national borders without any hassle or worry.
  5. Takes care of the Financial Transactions – A business is always run on money. Financial transactions and commitments increase with the increase in the business. Large businesses that transact millions of dollars monthly involve greater monetary and legal risks. International businesses have their own set of problems related to currencies and exchange. A commercial lawyer is well versed with the financial laws of Israel and those involved when trading with other countries.

Hence, hiring a commercial lawyer from a renowned commercial law firm is the need of the hour. Today, the success of a business does not depend on hard work, but it depends on smart work. By taking the help of a commercial lawyer from David Page, you are doing a smart work by saving yourself of the worry related to business and commercial laws. You can pay total attention to expanding your empire while David Page stands with you like a pillar to help you flourish in every legal way possible.

Categories
Bankruptcy

6 Reasons Why Your Credit Score is Essential

We always hear that credit matters and how important it is in our life. Now that everyone is increasingly becoming dependent on credit, we can attest that credit, is indeed, a significant part of our life.

Mortgage

However, it’s not just because credit helps make everyday purchases. In other words, your credit score matters because it can affect many aspects of your life, including the following.

Mortgage

When applying for a mortgage, lenders will use your credit score to determine if you’re a risky borrower or not. Take, for example, applying for jumbo mortgage Texas. Since this type of home loan is for home buyers who wish to buy more expensive homes, you can expect the credit requirement is typically higher than a regular mortgage. Mortgage lenders will usually require you to have at least 700-720 score to qualify for jumbo mortgage Texas.

If you can’t meet the minimum credit score requirement, then your lender may not approve your mortgage application. If you do get the loan, you can expect that you’ll have to compensate by paying a higher down payment or a higher interest rate.

Rent

Nowadays, landlords also check on your credit to see if you can pay them your monthly dues. They treat your lease as a credit. They loan you your residence and wants to make sure you’ll pay them back this credit. Having bad credit can jeopardize your plans for renting out the apartment you fell in love with in the first place.

Good Read: How Renting an Apartment Will Affect Your Credit Score

Car Loan

For most people, acquiring a car meant getting yourself a car loan. Like mortgages, your score affects your ability to qualify for a car loan. If you do find a lender who will approve your loan, this can lead you having to pay for a larger interest rate. A poor credit score limits your options. Also, having bad credit can mean you’ll be billed for a higher monthly car note.

Business Loan

Not everyone who wants to start a business can afford to fund their endeavor. Most will take up even a small business loan to realize their dream of starting their own company. Aside from your income, employment, and possibly collateral, one of the things you need to have is a good credit score. Like mortgages and car loans, the better your score, the better the terms and the higher chances you of obtaining the funds you need for your business.

Also Read: How Good Does Your Credit Have to Be for a Business Loan?

Job Search

It may not seem likely, but a lot of companies conduct credit checks when hiring their employees. The company you’re applying can have your credit report checked as part of their hiring process. They take a look at your report to see how financially responsible you are. Some institutions, especially those that are financially-related or companies that are looking to promote their employees for an executive position check on their candidate’s credit before proceeding.

Utility Services

That’s right. Even your ability to establish a utility service can get compromised due to your poor credit score. For example, your local cable company will use your credit score to check how responsible you are in paying your dues on time. Having a poor score can mean you fail to show them you’re a good payer, which can lead to a rejection of their service.

Categories
Insurance

BUYING CAR INSURANCE? Avoid these common mistakes

Are you planning to buy car insurance?

Kudos on taking a sensible decision of preventing your precious vehicle from all sorts of damage. Car insurance will not only keep you safe from having to pay for any physical, accidental or mechanical damage but it will also keep you away from getting legally penalized since most states require a minimum form of car insurance, liability coverage or financial responsibility bond. Failing to do so can subject you to penalty or suspension of driving privileges.

Worried that you might get duped into purchasing wrong insurance?

Shopping for car insurance involves more than just deciding on the grounds of the price tag. This is not only for car insurance in Lake Charle LA, but commercial trailer insurance, mobile homes, and more. You have to be extremely cautious when looking for a car insurance quote; otherwise, your lower quote approach might cost you more than what was expected, in the long term.

In continuance with this, today we are going to help you make a well-informed decision by listing out some of the common mistakes that people make when buying car insurance, which you must avoid to enjoy the benefits better:

NOT DOING A THOROUGH RESEARCH :

It is essential to understand that all insurance companies are different with various coverage options, benefits, inclusions, exclusions; this is why it is crucial to do thorough research so that you don’t end up paying a premium for services that you did not want in the first place. Make sure to shop around and get quotes from different insurance company till you have enough options to choose from.

PREFERRING COST OVER PROTECTION:

People often make the mistake of going for the car insurance for which they have to pay the lowest premium. But that is a bad practice in the long run. Your focus should not be on price but the protection that it offers. What if there is an accident and the insurance doesn’t cover mechanical repairs? Now you will have to pay for it, and there goes your premium to waste.

NOT UNDERSTANDING THE POLICY:

An insurance carrier might try to lure you into purchasing a policy but only highlighting the good things and not discussing it in detail. Don’t get blinded by the benefits and patiently go through every policy, raising questions whenever you feel like. You are making an expensive decision, and that should be done with adequate information. If they are unable to explain to you how the policy, inclusions, exclusions work, then it is a clear red flag that the insurance company is not worth risking your car into.

ONLY RELYING ON ONLINE SHOPPING COMPARISON SITES:

While online insurance comparison rates can be helpful, you should not overlook the carriers available in your region. There is a possibility that they might be able to offer you better market rates and more benefits. As aforementioned, shop around, and by that, we don’t mean online, but offline as well.

ASSUMING THAT YOU ARE COVERED:

Do not fall for the term “full coverage”. It is vaguely used and not correctly understood, which is why having a proper consultation session with the insurance company makes sense. They will be able to help you identify the gaps in the coverage so that you know what you are getting yourself into and how protected are you. Be highly vigilant in the coverage amounts that you purchase, it should provide you optimum protection in every possible scenario wherein your car can get into trouble.

CHOOSING THE WRONG DEDUCTIBLE:

A deductible is an amount that you are required to pay with most of the policies. Be truthful to yourself and only choose the deductive that best fits your budget as well as your needs.

By now you must have understood the gravity of the repercussions, which is why it is essential to go to an agency that provides insurance from multiple credible companies making sure your demand is met in the friendliest and cost-effective manner possible.

You have made a considerable investment, meant by purchasing a car, why would you not be rigorous when shopping for car insurance?