It is Always Important to Have a Lawyer Review Your Contracts
Contracts are involved in many aspects of our lives. Many people do not even realize that when they order a product or service, they are entering into a contract with the provider. Businesses are constantly entering into contracts, whether it is a relatively straightforward vendor agreement, an agreement between owners, or an agreement governing a complex merger and acquisition deal. With all of these contracts occurring, it is critical to recognize the importance of contract review by a skilled business attorney.
Complicated Contract Terms
When you sign a contract, you agree to every term in the agreement, which is often multiple pages. The terms are often drafted using complex legal jargon, and it can be difficult for even sophisticated business owners to decipher the exact meaning of certain provisions. If you sign a contract with unfavorable provisions, it is not a defense that you signed without understanding the language. Contract law is complicated and does not favor parties that sign contracts without reading them.
There are many different contract terms, each with its own implications regarding the agreement. Some common terms include:
- Offer and acceptance
- Acceleration clause
- Indemnification clause
- Severability clause
- Dispute resolution (often an arbitration clause)
- Damages for breach of the contract
These terms can be drafted to favor the other party, which can leave you open to unnecessary losses or liability should a contract dispute arise. It is important to have a knowledgeable contract attorney to carefully review each term to ensure that there are no unfair or unfavorable terms.
Types of Contracts for Review
Business lawyers review a wide variety of contracts for clients, including the following:
- Commercial lease agreements
- Equipment lease agreements
- Operating agreements for business owners
- Buy-sell agreements
- Nondisclosure agreements (NDAs)
- Employment contracts
- Indemnity agreements
- Bills of sale
- Purchase orders
- Security agreements
- Independent contractor agreements
- Real estate purchase and sale agreements
Every contract should be specifically tailored to the situation at hand. Many parties use boilerplate contracts for many different scenarios, and this can impact the effectiveness of the agreement. You want to ensure all the terms of a contract reflect your specific agreement before you sign anything.
If another party presents a contract to you, never assume that the provisions are accurate and adequately protect your interests. Have an attorney review it to identify whether the contract is skewed toward the other party or if there are unfavorable provisions. We can assist you in negotiating with the other party to update the terms to best reflect your position, as well. If you need to present a contract, we can draft your agreement to ensure accuracy and effectiveness of the agreement.
Speak with a Sarasota Business Contracts Attorney Today
At Inverso Law Group, our business lawyers help clients enter into effective and fair contracts that protect their rights and minimize the chance of disputes. If you need the review of a single contract or ongoing legal services for your business, we can help. Please call 941-926-6039 or contact us online for a consultation with our law firm in Sarasota today.