Contracts are an inevitable part of doing business. They protect both the business as well as the other party to the contract. When considering contracting with another party, it’s always advisable to consult an attorney and avoid DIY contracts. Sure, you can find templates online or skim read through a document and hope for the best, but chances are you won’t be entirely sure you’ve got a good contract, and that is not a risk worth taking.
Quality attorneys know how to create agreements that both communicate the specific intent of the parties as well as avoid any potential ambiguities. This helps create a solid understanding and prevents disputes over what the parties “really meant” later on down the road. This is critically important when being asked to sign a contract. If you don’t exactly know what certain provisions say, but you sign anyway, you will still be held to those provisions. Lack of understanding is not a reason to cancel or modify an agreement. More often than not, caveat emptor or buyer beware applies.
Having good legal counsel on board prior to the execution step is also important because it will help you better set each party’s expectations before it becomes time to sign. The last thing anyone wants is a bunch of eleventh-hour changes because you didn’t run it by your attorney first. An attorney has trained for the unexpected moments and can offer guidance relating to problem areas and ensure your interests are protected.
There are countless reasons why including your lawyer in the contract review process is important and helpful, whether you are presenting it to another party or are on the verge of signing yourself. A business attorney is seasoned in the world of contracts and the investment could save you from future legal disputes and potential loss.