It can be tricky as an entrepreneur to call up a lawyer to review a contract. But failing to do so can have devastating consequences for your business.
A lot of things can go wrong thanks with a bad contract. You could end up forking over a lot more money than you should. You could lose your rights to valuable property, and even expose yourself to risky (and costly) lawsuits.
Therefore, it is important to spend the money on having a lawyer review contracts. It will be a lot more expensive for an individual to come in at the end of the day to revise and fix a bad one.
Here are three reasons why you should have a lawyer review your contracts.
1. Courts Find Them Easier to Enforce
A good contract means that it holds weight in court. But a generic contract or one you wrote yourself, thanks to the internet might not be able to actually be enforced in your area.
If you’ve chosen to broker an oral agreement, it might not even be valid for certain types of transactions.
On the other hand, contracts that have been reviewed and edited by a lawyer ensures that important jargon and terms are included so the contract is valid. Plus, a good lawyer will make sure the agreement is up-to-date based on state laws.
This is particularly important when it comes to non-compete agreements. They can be a variable way for you to keep talent from working with a competitor, but a non-compete you crafted yourself probably will have some sort of error that could make the whole agreement non-enforceable.
2. Contracts Reviewed or Written by an Attorney Are Thorough
Poorly written contracts, or one with glaring gaps, could open you up to disputes or expensive lawsuits. Lawyers are experts when it comes to contracts. They understand how to write them in a clear manner and how to mitigate any potential problems on the horizon.
A good attorney who reviews a contract will be able to fill in the gaps that someone might have missed and will have the legal know-how to suggest additional clauses.
Lawyers know that a good contract includes stipulations about what happens if one party does not hold up their end of the bargain.
Well-written contracts also take steps to limit your liability in a scenario that is beyond your control. Additionally, they will incorporate so-called “boilerplate” clauses that will minimize frivolous disputes.
With the help of a good lawyer, a contract becomes a document that helps resolve problems. It becomes something that can help shorten the length of any disputes, and make sure you stand a better chance of
winning the case.
Click here to learn the 5 ways for your business to avoid legal issues!
3. Attorneys Can Help Craft Contracts That Save You Money
An experienced attorney in your industry will know about the types of standard language and terms. As a result, their expertise will translate in a contract that favors you, their client.
Having an attorney look over a contract, or taking the steps to revise one, can be a useful way for you to potentially save a lot of money. An attorney on your side can give advice about how to push the boundaries in your favor, or at least advise you about reasonable terms and negotiation standards.
If you are writing a contract on your own, and the other side has an experienced attorney working on theirs, you might be subject to unfair terms or be put at a bad negotiating vantage point.
Overall, getting good legal advice when it comes to contracts can make or break your business.
Do you have a contract that needs to be carefully reviewed by an attorney? Click here to contact Von Esch Law today!