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Contractual disputes are, essentially, disputes over terms of a contract. The dispute could have arisen between a contractor and business, between an individual and a business, or between two or more people. Where parties to an agreement cannot agree on the terms a lawyer may be necessary to help parse out the rights of each side.
Promissory notes are generally executed when there is some type of payment to be made at a future date. The note is proof that the payment is owed and will be paid. There is often a misunderstanding that promissory notes and IOU’s are the same, however in practice a promissory note contains a specific date of payment to be made, not just a declaration that a debt exists. Also, a promissory note is evidence of the arrangement, whether it be a loan or service. A loan contract would give specific terms to the agreement. Promissory notes carry a legal obligation, as a statement in writing, and should be drafted or reviewed by an experienced contract attorney.
Non-compete agreements, or clauses, as they are most commonly identified, are used when one party, usually an employee, promises not to seek work with a competitor of an employer for a certain amount of time after leaving the current company. These are used so that an employee will not use information gained from their employment with one company at another company, or competitor. Most jurisdictions have deemed these clauses to be legally binding as long as there are sufficient and reasonable limitations placed upon the employee(s) in question, and that they are not prohibited from working in their field.
If you are involved in a contractual dispute and you need legal assistance, call the professionals at Tully Rinckey PLLC in Albany today at 1-888-529-4543 or email info@1888Law4Life.com to find out how we can help you.
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