Reasons to Hire an Attorney for Contract Review
All businesses need the services of corporate attorneys from time to time. Negotiations with business partners and disputes between parties are almost always best resolved with some professional help.
New business owners sometimes underestimate the importance of hiring an attorney for contract review, though. Read on to find out about the benefits of having contracts and other documents reviewed by an attorney.
What Are Business Contracts?
Business contracts are legally binding documents that lay out the expectations of both or all sides of a transaction. They can range from lease agreements to partnership agreements, employment agreements, and even nondisclosure agreements.
In order to be considered legally binding, a contract needs to have four elements. These are an offer, acceptance of the offer, the intention of legal consequences, and consideration. Contracts that do not contain these four elements may not hold up in court.
Make Sure the Contract Is Valid
Business attorneys can review their clients’ contracts to make sure that they will be legally binding. Some common examples of issues that might invalidate the contract include an agreement to commit illegal acts, lack of capacity of one party to enter into the agreement, or misleading wording or behavior. A corporate attorney will be aware of these and other examples of issues that could invalidate the contract.
Ensure the Company’s Best Interests
If a contract contains terms and conditions unfavorable to the business owner, his or her attorney can help negotiate a better agreement. Since business contracts often contain confusing legal jargon, it’s not always obvious to the average American when something is amiss. Failing to note unfavorable terms can wind up costing business owners money or even their reputations in the long run.
Specialization of Services
Contract attorneys typically specialize in working with businesses of all sizes to negotiate business deals and draw up legal documents. This gives them plenty of experience handling any of the potential problems that could come up while negotiating or drawing up a contract.
Since most corporate attorneys have an in-depth understanding of how business contracts work, they can perform their reviews quickly and efficiently. This efficiency helps to keep their fees low, so business owners can expect to pay less to have an attorney review their contracts than they would to hire a more generalized attorney.