Is A Lawyer Really Needed For Your Business Contracts?
Business contracts are a very important part of doing any kind of business. It is critical that you make sure your contracts are done correctly by a professional, that they are signed and legally binding and that you are fully aware of the obligations and implications of the agreement you are entering into.
Here are a number of reasons why you need a good lawyer on your side when you are entering into a contract:
Fine print and loopholes
Contracts can be tricky documents whether you are signing an employment agreement or a business deal. The fine print is often what determines the binding portion and in many instances, people tend not to read it. There are many loopholes in contracts and unless you have a professional reviewing them, you may be headed for trouble down the road – and you want to avoid that.
Are all lawyers created equally?
Not quite. When entering into a business agreement or contract lease, you need a lawyer who is familiar with contract and lease negotiation.
There are lawyers for business contracts for your specific needs. A good lawyer will know what should be in the contract – things that you might miss. Items like financial contributions, payments, responsibilities, exit plans, workloads, by laws and how to handle partner disagreements should they arise.
Having a lawyer set up your contracts from the beginning is also a good idea to protect you from lawsuits in the future. Properly drafted agreements can help protect you in a court of law should some sort of accident or dispute arise and you find yourself in a lawsuit. You want to know you are properly and adequately protected from the get-go and a good lawyer can help you do just that.
Peace of mind
Having a lawyer handle your contracts can also provide you with a great deal of peace of mind. Setting up your affairs this way will allow you to concentrate on aspects of the business like new products, expansion and profitability.
Heidi Kim is a professional business consultant and legal researcher focusing on business law. She is passionate about helping those with legal questions and setting up their business the right way. Follow her on Twitter @ gehreslawatty.