As a business owner, you know very well how important contract negotiations are. In order to preserve the benefits of the bargain you just negotiated, its equally important to make sure the terms of the negotiation are memorialized fully and accurately in the contract, which will guide every aspect of the deal.

While not every contract is the same, there are certain elements that should always be included in every agreement to protect your business.

5 Clauses a Contract Needs
Regardless of the specifics of this contractual relationship, these are some key clauses to include:

1. Dispute resolution or mediation clauses: Whether minor or major, disputes are almost inevitable. Establishing guidelines for how to approach and effectively resolve those disputes will be critical to reduce risk. While mediation clauses can rarely go wrong, in certain circumstances it may be beneficial to have an arbitration clause to avoid having the dispute go through the court system.
2. Force majeure clause: There are some things neither party can control, but which could impact the ability to fulfill the terms of the contract. This clause helps to protect your business from such matters outside of your influence, such as employee strikes and natural disasters.