Contracts for conducting business

Contracts are an integral part of business, helping to ensure clear relationships between partners, customers and suppliers. They provide a number of advantages:

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✅ Legal security— protects the interests of the company and its business partners.
✅ Exact terms and obligations— clearly defines the rights and obligations of the parties.
✅ Dispute resolution mechanisms— helps to avoid conflicts and litigation.
✅ Financial security— guarantees the fulfilment of payment obligations.
✅ Operational efficiency— promote organised and planned business.

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What kind of contracts are needed to run a business in Latvia?

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Depending on the type and industry of the company, different contracts may be required, such as:

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✅ Memorandum of Association— determines the principles of operation of the enterprise and the rights of the owners.
✅ Employment contracts— regulates the relationship between the employer and the employees.
✅ Cooperation and partnership agreements— lays down the rules for cooperation between undertakings.
✅ Supply and service contracts— regulates relations with suppliers and customers.
✅ Confidentiality agreements— protects the company's trade secrets and sensitive information.
✅ Licensing and Franchise Agreements— lays down rules for the use of intellectual property or business model.