Being a business owner comes with a lot of work and you will have to review and look through a lot of paperwork that comes across your desk.
Part of the process for businesses is signing contracts and agreements with other people or companies who you want to work with. Flipping through these documents can be a tedious task, especially if the other party in an agreement comes with their own contracts to sign.
You might be tempted just to sign off on any agreement that comes by, but this can be a big mistake. It is always better to have an experienced lawyer review your contracts, even if you believe they are ironclad. This is especially true if another party brings their own contract or wants to revise parts of yours before they sign.
Here are a few reasons why you should hire a lawyer to review your contracts.
1) Hiring legal counsel will save you a lot of time and money as opposed to trying to solve problems down the road that emerged from a bad contract. A good lawyer will be able to advise you about certain terminology in contracts and be able to help you to articulate your thoughts into words that will give all parties in the contract the proper protection.
They will also be able to review your business structure and ideas and give advice about the potential pitfalls down the road that can be avoided with a good contract. All of this will be significantly cheaper than trying to fix problems after they occur.
2) A lawyer who reviews contracts serves as a valuable outside pair of eyes for your business. Many entities write and see contracts as just a tool to make money, or to market in a particular way. This can cloud the judgment of those actually writing contracts, potentially setting up problems in the future. Lawyers often look at contracts every day for clients who work in a number of industries. They will be able to look at yours with an objective perspective that will not be a distraction to other work and operations.
3) Having a lawyer review your contracts gives you a sense of legal protection if something does go wrong. If you just review your contracts, all the litigation is going to be on you because there will be no recourse. If your lawyer looks at one, then they can potentially be sued if something goes wrong.
4) Having a lawyer review a contract can make you more competitive in the long run. Other parties who want you to sign their contract usually have it written with their best interests in mind. Signing these can really hurt you down the road. Having an independent review of any contract gives you peace of mind to know a contract will not be egregiously advantageous to one party or the other, and might even help your future competitiveness in comparison to other businesses. A good lawyer is going to understand the legal terms in contracts that could have serious consequences and will be able to draw on their expertise to advise about what to watch out for.
Click here to learn what you need to know about California Collection Laws!
5) Very few business owners have any sort of knowledge when it comes to contracts. It’s always smart to stick with what you know and hire the experts to fill the gaps. Lawyers bring a lot more experience to the table when it comes to employment issues, leases, and business agreements.
Do you have a question about getting a lawyer to review your contracts? Click here to contact Von Esch Law today!
Courtesy of Cuselleration