Asked in Banking, Business Formation, Business Law and Contracts for Florida

Q: I run a mortgage loan processing company. Should I use a Contract, SLA, Non-Compete, or a NDA to protect my business?

As my business scales, I'm finding it necessary to leverage some sort of written protection to not only outline my level of service offering(s) to my clients, but also a way to outline the duties of the staff I will be hiring. I want to ensure all parties are clear on what each party provides to the other, but also to ensure services outlined are being provided as outlined. I also want to ensure my company is protected in the event a new hire were to attempt to steal clients and/or trade secrets. However, after working in the banking finance industry for a number of years, I'm finding that most companies view contract loan processing as a vendor rather than a true partner, usually meaning that legal paperwork such as contracts and SLAs are rarely utilized; typically, a short email and/or verbal conversation outlining the nature of the relationship has always sufficed. But I want to protect my business going forward in a more concrete fashion; how would I go about accomplishing that?

2 Lawyer Answers
Andrea Wheeler
Andrea Wheeler
Answered
  • Business Law Lawyer
  • Melbourne
  • Licensed in Florida

A: It is a great idea to speak with a business lawyer so that all of your relationships and transactions are based on a solid contract.

Bruce Alexander Minnick agrees with this answer

Bruce Alexander Minnick
Bruce Alexander Minnick
Answered
  • Business Law Lawyer
  • Tallahassee, FL
  • Licensed in Florida

A: Free practical advice offered for the last 41 years to people starting or operating small businesses:

The main difference between successful small businesses and those that fail within a relatively short period of time is good legal advice. The owners of most successful small businesses understand that retaining a competent experienced business lawyer and paying modest legal fees to advise them--from day one—may end up saving them thousands of dollars later when they must fix unnecessary disasters that could have been avoided. Hiring a good business lawyer and then calling upon them to help you avoid the many minefields beats asking strangers for free business advice on Justia. Try it and see.

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