A granite construction incorporated agreement can be defined as a legal agreement that makes sure that the name of a particular business remains unique at all times and is not repeated anywhere via the same name within a state. In layman terminology, it ensures that no two businesses in the same state should have the same name at any point in time. This legal document is an incorporation agreement in the most basic sense and is important when a new business is being started or an existing business is being incorporated.
It is important to note that any granite construction incorporated agreement is only legally valid in the state it is being filed at. The legal document does not hold ground if a business entity gets incorporated with the same name in another state.
When Do You Need a Granite Construction Incorporated Agreement?
The most common use of granite construction incorporated agreement can be found when either a new business entity is being incorporated or an already existing business is being incorporated into the administration.
Since the main ideology behind the creation of this document is to make sure that no two businesses in the same state have the same name, this contract protects individual business owners from copyright and trademark infringement.
In order to file this legal document, the stakeholders need some key details such as the name of the business that is being incorporated, geographical location/address of the business to be incorporated, the purpose of the business, information on business shares and stocks, the contact information of the business owner and its partners.
Inclusions in Granite Construction Incorporated Agreement
The following are the main inclusions in a granite construction incorporated agreement.
Parties Involved: Unlike other agreements where usually two or more stakeholders are involved, a Granite Construction Incorporated Agreement is created between the business owner and the State, under which it is being issued. The state is the guarantor and ensures that the contents of the agreement are insured at all points in time.
Effective Date: This section of the legal agreement mentions the date when the business was first incorporated and also when this contract stands to expire and thus needs to be renewed by the business owner.
Where does it Apply: This agreement is only applicable under the law in the jurisdiction of the state that it had been issued at. Outside the legal jurisdiction of the state, the contract does not hold ground and can not be legally enforced.
How to Draft a Granite Construction Incorporated Agreement?
The process of drafting a granite construction incorporated agreement is pretty simple and straightforward since it involves only the individual business owner and the state.
Mentioned below are the steps for drafting a Granite Construction Incorporated Agreement.
- As the business owner, firstly get all your documents and identification proofs in place. You can take a look at the website of your state’s court of justice to get an idea about the documents you will be needing.
- Reach out to a lawyer or go online and search for a Granite Construction Incorporated Agreement. Once you have a copy of the same, fill out the basic details as mentioned in the introduction paragraph.
- Take a print out of the final copy and get the necessary signatures in place.
- Go to the local court and submit the final document for approval and incorporation.
Benefits of Granite Construction Incorporated Agreement
The benefits of having a granite construction incorporated agreement are far and beyond. Mentioned below are the most significant ones.
- The contract will protect the individual business owner from infringement and will help them protect his or her trademark rights to a particular business.
- The contract will prevent any other business in the same state to be started with the same name, thus avoiding trademark and copyright clauses.
- The contract helps the business owner maintain his or her unique and thus portrays a USP to potential customers.
The consequences of not having a Granite Construction Incorporated Agreement are as follows:
- Another business is the same state, can set up shop with the same name and in the absence of this legal document, you won’t have a ground to fight for trademark and copyright infringement.
- Your unique factor will be at a loss and thus you may start losing out on potential customers to your competitors with the same name.
Key Terms/Clauses in Granite Construction Incorporated Agreement
The following are the key terms and clauses mentioned in the legal agreement.
Disclaimer: In this section of the legal agreement, important details regarding the condition of the business when it is being incorporated is mentioned. Details such as if the name of the business stands unique as on the date of incorporation and many more.
Obligations: This section of the contract mentions the obligations both the stakeholders have in this legal agreement; in this context, the state, and the business owner.
Remedies: In the case of a default or dismissal of the contract, this section mentions the remedies that are to be fulfilled by the state or the business owner, depending upon the condition of the situation.
Notice: This section of the contract contains details of all the notices that need to be served by both the stakeholders.
Sample for Granite Construction Incorporated Agreement
A sample of the agreement can be downloaded from below.
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