Establishing, running, and growing a business takes hard work and dedication. It also requires a keen eye on reducing costs and maximizing efficiency. One way to attain these goals in the business world is to effectively utilize contracts. These documents can not only assist you in securing needed supplies and business space, but they can also provide you with an extensive amount of protection in regard to your business’s reputation and functional viability. As such, these contracts need to be carefully drafted.
Yet, many businesses make the mistake of trying to shirk the costs associated with contract drafting and contract review. Others chose to keep their agreements informal or extraordinarily loose based on years of built trust. As a result, many of these businesses choose to utilize online contracts, draft agreements on their own, or rely on verbal commitments. This can be a big mistake, and here’s why:
- You need contracts that are specifically tailored to your needs. Most online contracts utilize boilerplate language that is too broad to fit your needs. This leaves their terms open to interpretation, which is something you don’t want your contract to do. Additionally, these contracts are often missing key terms, which means that by utilizing them you may not actually get what you bargained for. By working with an attorney who is experienced with contracts, on the other hand, you can better ensure that the terms of your agreements are clear, fair, and favorable. This not only helps you get what you expect, but it also helps lay out clear obligations so that you can better avoid breach.
- Appropriately addressing contracts on the front end is cheaper. Sure, you might have to spend a little bit of money to have your contracts created or reviewed early on, but those costs can pale in comparison to those associated with litigating a breach of contract case. In addition to legal fees that come with this type of litigation, you might also be hit with a judgment that devastated your bottom line and negatively impacts your business’s reputation. In fact, many businesses struggle to survive in the aftermath of a breach of contract case where they are accused of breach.
- Protect important information: Many form contracts fail to take the importance of your business’s information into account. This can leave competitors free to take from you those things that give you an edge. By creating contracts that are carefully tailored to your needs, though, you can ensure that any confidential information remains that way.
- You need a wider perspective. Using basic forms only allows you to create very general, sometimes unenforceable, agreements that fail to take the bigger picture into account. An attorney can help you identify how a particular contract will play into the long-term interests of your business while protecting your short-term goals. Additionally, an attorney can draft and/or review your contracts in light of applicable state law, which is something that basic online resources fail to do. In other words, by working with an attorney rather than addressing these matters on your own, you can secure the guidance your business needs and deserves.
We understand the need to keep business costs low, but doing so shouldn’t put you and your business at risk. So, think about putting your mind at ease while better ensuring that your business operations run as smoothly as possible by working with an experienced business law professional. You might just find an ally to help you not only with your contractual needs, but also any other business needs you have later down the road.