Choice-of-law and forum selection clauses are within a good deal of contracts, including purchase orders, partnership agreements, and lease agreements. The state of North Carolina enacted the North Carolina Choice of Law and Forum in Business Contracts Act ("Business Contracts Act" for short) to bring clarity to the stipulations of a contract. Our article in the Winston-Salem Chamber of Commerce covers the details of the Business Contracts Act and its impact on businesses in North Carolina.
"The Act attempts to guarantee certainty and predictability for North Carolina businesses. Given that, it's important for North Carolina businesses (and their lawyers) to understand how and when it applies."
The ability to choose North Carolina as a contract's governing state and forum selection (in the case of litigation) allows businesses to not only be fully prepared, but also reduce litigation costs.