What is Contract Preparation?
A contract is a legally binding agreement. Contracts could be written or oral, but most important contracts are often written and signed by both parties. Contracts are the foundation of your business, and might be simple or extremely complex. Examples of contracts include sales agreements, employment contracts, real estate purchase contracts, and confidentiality agreements.
Preparing a contract is the act of writing out the terms and details of the contract, in order to outline the legal obligations of both parties, so that they fully understand the terms of the agreement and their respective duties towards each other. Contracts can be drafted by anyone, but a lawyer is often needed in order to make a reliable and secure contract, especially for the more complex contracts.
How are the Contracts Prepared?
Contracts might appear in many different forms, but one of the most used contracts is a standard form contract. A standard form contract, or standardized agreement is a contract between two parties, where the contract is prepared by one of the parties, and the other party has little or no ability to negotiate the terms that are more favorable for them. Common instances of adhesion contracts include insurance policies, housing and apartment leases, and tickets to events or shows.
What is a Contract Review?
To simply put it, a contract review is when a person signing the contract carefully reviews the document or has a lawyer review the document. This is to ensure you fully understand the terms and conditions of the contract.
Contract review is an essential step to make sure that there are little to no contract disputes in the future. When a contract dispute occurs, the first thing that the courts look at is the language of the document itself. If a problem were to happen, both parties could refer to the contract and pinpoint what is expected of them.
A clearly written and easily understood contract could reduce confusion between the parties. But if a contract is not written clearly, legal issues might arise. Therefore, it is imperative to thoroughly review or have an attorney perform a complete review of any contract before you sign it.
Since contracts could be lengthy and have become increasingly complex, most people often skim over paragraphs and do not actually know what they are signing. Having a qualified business lawyer look over your contract or contract draft may save you from a legal mess down the road.
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Should You Hire a Lawyer to Assist with Contract Drafting and Review?
Preparing and understanding contracts could be a very complex process. It might be in your best interests to consult with our knowledgeable and well qualified business attorneys.
Our experienced business attorneys will assist you from start to finish through the contract drafting and reviewing process and safeguard you against any complications. We will also help prevent other legal issues that arise from a poorly written contract and represent you in court, if needed.
Do you have a question about contract preparation and review? Click here to contact Von Esch Law today!
Courtesy of Cuselleration