Abraham Lincoln once said, "A lawyer's time and advice are his stock in trade."
It is important in any business to have a business contract review lawyer before agreeing to any kind of legal document. It is recommended to have contracts written to avoid misunderstandings.
But even if they are written, there is a chance that it might be vague or unclear.
If this happens, the lawyer you would hire will review and check the contract, make any modifications or draft and give you an analysis of what is written in it.
Contract lawyer can also perform specific checks to make sure that the contract is legitimate, fair and reasonable.
What is a Contract?
In a nutshell, contracts are agreements between two parties regarding the intention of a particular matter. It could be verbal or written.
Contract terms are very important because they indicate the rights and obligations of both parties.
What is a Business Contract?
For businesses, business contracts are very important to their operations. Business contracts help in the goals of the business.
It is essential to make sure that these contracts are well-drafted to avoid any pitfalls or potential disputes. It would also lessen liability exposure and in the long run, will protect your business.
Why is it Important to Have a Contract Reviewed?
Contract reviews are mostly written but can also be done verbally.
A thorough review of the contract should be done to make sure that it is properly drafted, reasonably negotiated and reviewed to make sure it covers the purpose of both parties.
At the start, the contract should be very concise and clear to prevent any misunderstandings. If, by any chance a problem occurs, both parties can refer to the contract to resolve the issue.
You also would want to make sure that there are no misinterpretations on your contract and do not break any laws. Again, contract reviews are vital to prevent any legal problems in the future, especially regarding the obligations or duties of both parties or payment terms.
Why Do I Need a Business Contract Review Lawyer?
A business contract review lawyer makes sure that the contract covers all relevant elements of the document. He or she ensures that the contract is reasonable, appropriate and compliant with your needs.
The lawyer will make sure that the contract is well balanced and not bias for both parties.
Additionally, you want to make sure that the contract is up to date with the current rules and regulations and is legitimate. The lawyer should be able to explain any scenarios the contract might have and making sure that you understand what it's all about.
Important Things to Know About Business Contract Reviews
All businesses have to have a contract. This establishes a professional relationship with an individual or another business. It is wise to have all of your contracts in writing, not just to protect you but to protect the other party as well.
Contracts vary. It could be simple or complex. But all of them has to have a time frame, expectations, rewards, penalties for non-compliance and remuneration amounts. Some may have more, depending on the contract.
Make sure that the contracts have been properly reviewed and it is understood by both parties. It is best if you work with a lawyer that specializes in a specific contract. For example, if you have a franchise agreement, get a franchise lawyer.
A Business Contract Review Checklist ✔
Business contracts should have most, if not all, of the following points clearly detailed:
- All parties should be specified and identified in a business contract. It should include the expectations, obligations, risks and rights for each party. The roles and responsibilities, services or work offered, state any payment terms or deliverables and handling of changes should be written in a clear, concise manner that both parties understand.
- Make sure it clearly states that the contract protects and covers any intellectual property rights, proprietary or confidential information in the contract.
- If possible, make sure to have the contracts as detailed or as specific as possible. You may add a time-frame period instead of just saying timely manner, to prevent any misunderstandings or doubt.
- Read the contract and understand what is says. Check to see if there are any restrictions that might hamper your business operations.
- There should have indemnification and liability provisions to protect both parties from any negative impact that may happen in the transaction. The contract should be specific in penalties for non-compliance. Find out how any disputes can be resolved once it occurs.
- If anything happens and both parties would like to terminate the contract because it's not working for both of them or either one of the parties, review the terms on how to end your contract and still be in good terms.
Make sure that you have a business contract review lawyer to review all of your contracts. Don't just sign a contract without reading it.
Your business contract review lawyer should make sure that your contract is beneficial to you and your company by protecting its business interests. He should facilitate your business transactions well in order for your business to excel.
Always remember, to read and understand a contract before signing, because you may place your business in jeopardy.
You can contact a business contract review lawyer to draft, review and negotiate contracts. They can also guide and help you with the following:
- Employment Agreements
- Ownership Agreements
- Independent Contractor Agreements
- Financing Agreements
- Vendor Agreements
- Confidentiality Agreements
- Non-Disclosure Agreements
- Commercial Leases
- Residential Leases
- Software Licensing Agreements
- Non-Compete Agreements
- Purchase or sale Agreements
- Franchise Agreements
- Non-Compete Agreements
- Government Contracts
- Intellectual Property Licensing Agreements
To prevent any business disputes or future lawsuits in your business, make sure that the contracts are carefully drafted, no matter what kind it is. Contracts should cover the needs of your business and avoid any potential conflicts in the future.
However, don't expect that business contract review lawyers can magically fix all your contract problems. You may need to research on the contract itself and take notes.
For other questions regarding contracts, you can contact Mollaei Law.
Our business lawyer, Sam Mollaei, Esq., is a skilled lawyer that will help you with your contracts by reviewing and drafting them. He can also negotiate on your behalf. To reach him, you can call him directly on his phone (818) 925-0002 or by sending him and email to email@example.com.