3 Major Blunders in Business Contracts (And How to Avoid Them)
Business contracts are one of the primary issues you will need to address when entering a business project, agreement, or partnership.
Discovering there's a major flaw in the contract after signing it can result in you losing precious time, money, and even reputation. This is surely not something you want.
So, what can you do to avoid it?
To help you answer this question, we've included three common mistakes you should steer clear of in this article. So, keep on reading.
1. Overlooking the Importance of a Written Legal Contract
Your business is worth more than a handshake and a verbal agreement.
In today's economy, shaking hands on a deal and exchanging promises is not merely enough to protect your business interests.
More precisely, you need a mutually agreed upon legal contract based on clear terms and conditions. This way, you can save both time and money and spare yourself a lot of frustration in case the agreement doesn't go as planned.
2. Relying on Ready-Made Business Contracts
Why should you hire a professional lawyer when you have the low-cost possibility to use an online legal form?
Using a pre-made form you've downloaded off the Internet is not the best decision for a few different reasons.
- There is a high chance the online form will not include all important details, such as a termination clause or an assignation clause. And if you have little or no knowledge in the field, chances are you won't really know what to look for either.
- You may not understand the specialized language used or interpret it in an erroneous way. Unlike a knowledgeable lawyer, a ready-made form can't help you navigate the sometimes ambiguous terminology.
- The forms may not be relevant to your location. The law regarding business contracts in Las Vegas has its particular set of characteristics which can change from time to time. The forms you find online can be outdated or may not cover all applicable Nevada business laws.
Using these online services might seem like the cheapest solution now. However, it can actually cost you more money down the road. This is because it can expose your business to legal risks and even cause major problems in court.
Therefore, consider relying on the professional expertise of an established lawyer.
3. Entering a Contract Not Reviewed by a Lawyer
The saying nothing is as simple as it seems applies when it comes to contracts as well. Even if an agreement seems straightforward to you, it's always better to have it approved by a lawyer before making a legal commitment.
This way, you can have your attorney explain the fine print, so you will fully understand the legal duties and obligations you are entering into when you sign the contract. In short, your signing of the contract will be based on an informed decision.
At Tony M. May P.C., we have plenty of experience in the business law field.
We’ve been drafting business contracts for our clients in Las Vegas since the opening of our firm. So, we are confident we can help you with your legal matter as well.
Need assistance with any of the following?
- Contract drafting
- Contract revision
- Contract negotiations
- Breach-of-contract dispute
If so, you can schedule a consultation regarding business contracts in Las Vegas by simply calling us today at (702)-388-0404.
We'll be happy to hear more about your particular needs and start working on finding the best solution for your case as soon as possible.