If you’re like most small business owners, you probably don’t have a lot of experience negotiating contracts. And that’s okay, most people don’t. Actually, the majority of people shy away from business contracts because they seem too complex. Therefore, it’s important to be careful when signing any agreement, no matter how minor it may seem.
That’s where having a lawyer look over your business contract comes in. With a little guidance, you can understand the basics of what you’re signing. If you’re starting a business, and you’re wondering if you need to hire a lawyer, below are a few telltale signs that’ll give you a hint. Just keep reading!
You’re Not Familiar With Legalese
If you’re starting a business, it’s important to have a lawyer look over your business contract. Though you may be familiar with the basics of business law, there may be clauses in the contract that you’re not familiar with. A lawyer can explain the implications of these clauses and help you negotiate more favorable terms if necessary.
Additionally, a lawyer can help you draft a business contract that will better protect your interests. Before signing any business contract, make sure to consult with a lawyer to ensure that you’re getting the best possible deal.
There’s a Lot of Money or Property at Stake in the Contract
If you’re entering into a contract where there’s a lot of money or property at stake, it’s vital to hire an attorney to review the contract before you sign it. Attorneys have the skills to identify legal mistakes in the contract and make sure that it’s fair for all parties involved. This is especially important for small businesses that may be at a disadvantage when negotiating with larger companies.
By hiring an attorney to review your contract, you can protect yourself from legal mistakes that could cost you dearly down the road.
You’re Entering Into a Partnership or LLC Agreement
When going into a partnership or LLC agreement, you must consult with an experienced business lawyer to ensure that the agreement is properly drafted and that your interests are represented. A well-drafted business contract sets forth the rights and obligations of each party. It can also help to prevent disputes later on.
Furthermore, an attorney can advise you on the tax implications of your business arrangement and ensure that your business complies with all applicable laws. By consulting with a business lawyer at the outset, you’ll protect your interests and avoid costly legal problems in the future.
You’re Starting a Business and Need to Draft Contracts for Services
When starting a small business, it’s essential to have clear and concise contracts for all of your products and services. Doing so helps to protect your interests and guarantees that both parties understand the terms of the agreement. When drafting contracts, include key details like the scope of work, payment terms, delivery schedules, and other relevant information.
It’s also important to make sure that both parties sign and date the contract. This provides a record of the agreement and helps to prevent future misunderstandings. Drafting a well-crafted contract provides smooth sailing for your new business.
You Want to Make Sure That the Other Party Is Held to Their Contractual Obligations
When two parties enter into a contract, they’re each obligated to uphold their end of the agreement. However, sometimes one party may breach the contract, or fail to live up to their obligations. If this happens, the other party may want to take legal action in order to enforce the terms of the contract.
However, before taking any legal action, consult with an experienced attorney. An attorney can help to assess the situation and identify legal mistakes that might have been made.
Additionally, an attorney can help to negotiate a resolution with the other party or represent you in court if necessary. By consulting with a lawyer early on, you can increase your chances of achieving a favorable outcome.
It Seems Too Good to Be True
If something seems too good to be true, it probably is. Get a lawyer to check out the contract before signing! A business contract is a legally binding agreement between two or more parties. Contracts can be oral or written, but it’s always best to get a lawyer to check out the contract before signing. This is because sometimes things that seem too good to be true probably are.
For example, an oral business contract may not be enforceable in court, or the terms of the contract may not be what you thought they were. If you are unsure about any contracts you are asked to sign, it is always best to consult with an experienced lawyer beforehand. This way, you can be sure that you are getting into a contract that is fair and legal.
Be Careful When Signing a Business Contract
As mentioned above, please make sure you fully understand the terms of a business contract before signing on the dotted line. Doing so could save you a lot of money, time, and hassle in the future.
At Rhodes Law Firm, our team of experienced attorneys can help you understand what you’re agreeing to and protect your interests if anything goes wrong. We have the skills and knowledge needed to back you up in any situation.
If you’d like to reach out, please contact us online or call us at one of our offices. We look forward to serving you soon!