The Importance of Having your Business Contracts Reviewed by an Attorney

 Posted on February 23, 2022 in Business Law

Contracts are an essential part of conducting business. In fact, every business, from a small sole proprietorship to a large Fortune 500 company that operates nationwide, enters into contracts whenever a customer buys goods or services. Business contracts can cover nearly every aspect of business and can include employment contracts, nondisclosure agreements (NDAs), buy-sell agreements, and purchase orders, just to name a few.

Contracts are legally binding agreements that establish certain rights and responsibilities for and upon the parties to the agreement. They often contain dense legal language that can be difficult for a person without legal training to comprehend. For this reason, it is important for anyone engaging in any type of business to have their contracts reviewed by an experienced business lawyer.

Language Clarification

One of the most common causes of significant and costly contract disputes are ambiguous terms. It may come as a surprise to people who are not attorneys, but commonly used words that one would assume are not subject to interpretation can become the focus of protracted litigation that could cost thousands of dollars in legal fees. By having a skilled lawyer review a contract prior to signing it and clarifying any ambiguous terms, business owners can avoid these kinds of issues before they arise.

Identifying Potential Issues

Many contractual disputes occur due to the fact that certain issues that should have been addressed by the agreement were not at the time that it was executed. Common examples of these kinds of omissions include dispute resolution procedures, each party’s rights in the event of a breach, and clauses compelling arbitration or mediation.

Negotiate the Most Favorable Terms

The process of forming a business contract often involves a significant amount of negotiation regarding the terms of the agreement. In many cases, these negotiations involve matters regarding the price of goods or services, the duration of an agreement, exclusivity, and the disclosure of information. When you retain a skilled business attorney that is familiar with reviewing business contracts, you can be assured that the terms of your agreement will be as favorable to your interests as possible. In many cases, an experienced attorney can negotiate a significantly better contract than business owners would be able to negotiate on their own.

Call a Metro New York Area Business Attorney for Legal Assistance

No matter how big or small your business is, every business owner can benefit by having any contracts they enter into reviews by a seasoned Greenwich, CT contract attorney. Contact Ivey, Barnum & O'Mara, LLC at 203-661-6000 to schedule a free and confidential consultation and discover how our firm can help ensure your company is protected no matter what type of agreement you are signing.  

Source:

https://www.law.cornell.edu/wex/contract