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?
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
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