What Is Commercial Law?

Commercial Law is the name given to any legal issues around the area of business and commerce

. Commercial Law is made up of many different areas.

CONTRACTS

Contracts are legally binding agreements, usually in the form of a document. Contrary to popular belief though, verbal agreements are also legally binding. Contract can be agreements with clients or customers, such as what work will be done, how and when. In a retailer, when an item is sold to a customer that automatically becomes a contract of sorts. The customer has certain rights, such as the right to a refund if the item is faulty.

Another area where contract are important, are employment contracts. Employment contracts dictate an employees salary, working hours, holiday entitlement and working conditions. The employer then has to abide by these agreements.

TAX

It is important that businesses pay the right amount of tax, or they will be held legally accountable. Solicitors can advice business on the areas where tax can be saved, and which tax breaks they are entitled to. For example charities are often entitled to certain tax reliefs.

EMPLOYMENT LAW

Employment Law regulates the legal rights of workers. Businesses have to make sure employees are paid correctly. This is even more important since the advent of the minimum wage in 2000. Employment Law also protects against discrimination; businesses are not allowed to discriminate in any situation, including during the recruitment stage. This area of commercial law also dictates the legal holiday entitlement and the maximum working hours allowed.

MERGERS & TAKEOVERS

There are a number of legal issues to consider when a business takeover or a merger between two or more businesses takes place. Commercial Solicitors London are required to make sure everything is as the law dictates. Contracts must be sorted out to state the conditions of the takeover. This can include how the role of employees may change, any agreement as to the direction the company will take, and of course the financial agreements. Agreements as to when payments should be made, and whether it is in instalments or a lump sum are covered here. The company which is being taken over may demand certain conditions of the sale.

HEALTH & SAFETY

This is an area that has become increasingly important in recent years. This area of law covers the health and safety of employees and customers. Areas of operation must have potential dangers clearly marked and steps must be taken to prevent accidents where possible. Companies can be help responsible if accidents occur.

FINANCE

Finally, finance is an area that is relevant across business. Relationships between businesses and banks can be crucial to the financing of businesses so it is an important consideration. Finance overlaps with many other areas of commercial law, such as employment, tax and contracts.

Andrew Marshall

by: expo09

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