Maximize the Value in Your Contracts
Hiring an experienced attorney to review your contracts, before you sign them, will typically save you more money than you’re attempting to save by not hiring an attorney. Litigation is costly, regardless of which side wins, because countless hours are spent attempting to interpret the very basic details that should have been expressed clearly but weren’t.
A good contract should answer the questions that your third-grade English teacher taught you: who, what, when, where, and how. Oftentimes the why is implied in the contract (e.g., employment contracts are an exchange of work for money and/or benefits) but it is not usually as necessary to be stated expressly as the other answers. Evaluating a contract using this formula helps to prevent common mistakes among the parties and enforceability challenges.
For instance, in a very basic sale of X there should be an offer of “something” to someone (the what and the who), that is expressed with enough specificity that the parties are clear on what is being given and what is being exchanged. The contract should also include how “the something” will be given to the other party (when, where, and how). It should further include how much “this something” costs, commonly referred to as consideration or payment.
But a contract should also include terms, or a safety net, if things don’t go as planned. If you can’t see a way out of a contract (even if it costs money) you’re likely looking at a poorly drafted contract. If COVID taught us anything, it should be to always plan for the worst but hope for the best. If you are negotiating a deal and need a contract drafted or reviewed, give us a call today at 1-888-752-2629 or schedule a consultation today to get started.