When establishing a business, contract drafting is integral to kickstarting it and establishing yourself in your field of expertise. Contracts exist in various forms and every business owner must know at least the basics of what types of contracts they need to run their business smoothly.
But, first, let’s start by understanding what a contract is. Put simply, a contract between two or more parties is an agreement that lays down specific terms about the roles and duties of the different parties. For example, if you rent a house, you and your landlord would enter into a contract that specified the duties, benefits, liabilities, etc., of the landlord and the renter. A contract becomes vital because it holds legal significance, and in case one party fails to uphold its obligation, the other can involve a court of law for appropriate redressal.
A contract can also contain the parties’ liabilities and the penalties they would have to face upon failure to fulfill obligations. Contracts can exist in oral or written forms. Oral contracts, while valid, do contain an element of uncertainty because of the “he-said”- “she-said” ambiguity. It is also advisable that you employ a professional business contract attorney to carry out all legal formalities, including drafting and execution of the contract.
What to look for in a business contract lawyer?
When you look for a business contract lawyer, there are certain factors that you would want to check before finalizing one. Some of these factors include:
- Experience: Experience does not only mean the duration for which a lawyer or law firm has been practicing, but rather their experience in dealing with your particular field of business. This is important because some businesses are highly technical in nature. As such, they would require a lawyer who has some experience in creating contracts for other clients in that field.
- Fees: Lawyers can be costly. A contract drafting lawyer, like any other lawyer, may likely charge their client by the hour and additional charges for any services like consultation and/or review may be applicable too. The more renowned lawyers or law firms you select, the higher you will have to pay. It is essential to find lawyers who are affordable for your budget. However, high costs may not ensure high quality. That is why you need to do your research and ensure that the business contract services you hire are able to meet your business needs as well as your budget.
Why do you need to hire a Business Contract Attorney?
A contract drafting lawyer is highly beneficial for businesses for a plethora of reasons. If you find yourself confused regarding whether you should hire a lawyer, keep on reading to find out how they are incredibly beneficial and how you can lose out on gaining essential insights if you do not hire one. Some of the main reasons why a business contract lawyer is essential and why you must hire one for your business include:
- Knowledge of Legal Principles: When drafting a contract or determining the provisions of the same, it is essential to ensure that all the terms that the client wants are legally sound. While you may think that all your demands are legal, sometimes people have unreasonable demands, which may be legal, but not in the best interest of the business. A contract drafting lawyer has expertise in this regard and would provide the best advice and alternative route which would lead you to attain your goals.
- Experience with different types of contracts: There are various different types of contracts when it comes to business. There is a business contract for partnership, an employer-employee contract, a business contract for mergers and acquisitions, and many more. All these types of contracts have different essential provisions. A business contract attorney will have experience in drafting all the different types of contracts and would be helpful for businesses with varied needs.
- Expert guidance: In addition to contract drafting services, a lawyer would also be able to guide you through the best advice. Advice on which terms are reasonable or unreasonable, which terms need to be included in the event you overlook something, as well as guidance about legal compliance for the successful drafting and execution of the contract.
- Ironclad drafting: By employing the services of a qualified and experienced you ensure that your business contract is impenetrable. For example, if even the slightest bit of ambiguity exists in the contract, in the event of a conflict, the non-drafting party would benefit from the existence of this ambiguity. To avoid such occurrences, it is essential to get the drafting done by an expert.
There are multiple advantages to hiring a lawyer to meet all your contract drafting needs, no matter the size of your business. Every business needs to get multiple different contracts drafted, and a lawyer can handle all of them quickly. Their expertise would ensure that your interests are met and that your business grows leaps and bounds.
