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Four reasons to have an attorney review your contracts

Four reasons to have an attorney review your contracts

| Jun 29, 2020 | Firm News |

Business owners are always looking for ways to cut costs. While they are usually able to do so effectively, sometimes they turn away from legal services. The truth of the matter, though, is that legal assistance isn’t something that should be shunned up front simply due to concerns about costs.

There’s a number of reasons for this. You might end up exposing yourself to liability if choose the wrong business formation or improperly draft your business’s initial documents, and you might misunderstand the terms of a commercial lease that leaves you stuck in an agree that restricts your business activities on your premises. You might also end up running into contractual issues. Here are some ways that an attorney can help you with that issue in particular:

  1. Custom-tailored approach: Sure, you can probably find form contracts online that address the topic at hand, but these often include boilerplate language that don’t fit your particular set of circumstances. This can lead to misunderstandings as well as leave important pieces of the agreement unaddressed. This can create the possibility that you won’t receive what you bargained for, and it could expose you to greater liability. An attorney can help custom-craft the contract you want to suit your needs by addressing every element needed in your agreement. An attorney who is experienced in this area of the law will ensure that these agreements are clear, detailed, and as favorable to your position as possible.
  2. Get it right the first time: Once executed, contracts are legally binding. You can’t go back and unilaterally change its terms. Therefore, if you end up with a contract with terms that put you at a disadvantage, then you’re stuck unless you can get the other side to renegotiate, which is unlikely to occur. You only get one chance to negotiate a contract, so you need to get it right the first time. An attorney will know when a contract is unfair and will know how to negotiate it to a point where you’re comfortable with it. If that’s not possible, then an attorney can help advise you when it’s time to simply walk away.
  3. Understand what you’re agreeing to: Contracts can be long, stuffed with complex language that, quite frankly, you might find boring. But that doesn’t make that language unimportant. In fact, it is that language that gives you protection and helps you reach your goals. You need to understand exactly what is in a contract before signing off on it, though. Doing otherwise could leave you with a bad deal that is costly in more ways than one. It could also put you in a position where you’re likely to breach the contract and face litigation. No one wants to be on that end of a business dispute.
  4. Save money by avoiding litigation: Sure, it’s going to cost you a little bit of money to have a contract reviewed or negotiated and drafted by a business law attorney. Yet, the amount you’ll have to pay is probably miniscule compared to the costs associated with breach of contract litigation. Therefore, you can give yourself peace of mind and protection from future costs that could derail your business’s financial viability.

These are just a few of the ways that an attorney can help you with this one particular aspect of your business. An attorney can also help you serve as counsel to address issues related to personnel, property, and confidentiality. The advice, guidance, and representation that an attorney can provide to your business can save you a lot of time, money, and stress, even if it seems a little daunting to consult with one upfront.

Some law firms, though, like ours, make diligent efforts to make the process as easy for business owners as possible so that they can take comfort knowing that their business interests are in good hands. Therefore, if you’re a business without legal representation, it might be wise for you to at least speak to a business law firm of your choosing to better determine if acquiring legal guidance is best for you and your business.