Should I Have an Attorney Draft a Business Contract?
Although it is not required to have an attorney draft all business contracts, hiring an attorney for your contract needs is a wise decision. There are many benefits to having an experienced attorney help you avoid the common pitfalls of self-written form contracts you might find online.
Identity Potential Liability Issues
There are several kinds of contracts required for businesses, including those related to leases, sales agreements, purchase orders, contractors, and employment. In particular, drafting a business contract or agreement can be complex. There are various terms that are important to understand and properly include. Business contracts involve certain provisions and specific terms that are unique. An experienced attorney will not only identify potential liability issues, but can suggest language that will protect your legal interests and rights.
Attorneys have knowledge and foresight when it comes to the necessity of using certain wording and clauses in contracts. Contracts must have exact language with numerous technical legal requirements in order for it to give you full protection under the law. An attorney will ensure that you are benefited as much as possible by the specific terms of the contract for your current situation. You can also rely on an attorney to identify and correct any loopholes that would make you vulnerable to any future disagreements.
Give Outside Perspective
Additionally, an attorney will be able to give you an unbiased, outside perspective of your business dealings during all negotiations and the contract review period. Owning a business can cause one to view a legal document through the lens of profit, loss, marketing, or other competing factors. Experienced attorneys review documents every day for a variety of clients in a variety of situations. They can analyze legal documents without competing business pressures.
Understand the Contract
The parties to a business contract often go through many drafts and negotiation sessions before the official contract is signed. Your attorney will not only draft the contract, but make sure you understand exactly what you are signing and what it means for you and your business going forward.
Current Rules and Regulations
It is also important to remember that the business and industry regulations you are familiar with might not be the most up-to-date laws. These kinds of regulations often change. An attorney’s job is to make sure that all contracts your business requires follow the current laws so that you are not disadvantaged or affected by incorrect information. An attorney will be sure to draft your contract in a way that abides to future rules and regulation changes, which reduces your risk of having to update your contract frequently.
The goal of a properly drafted contract is to help to prevent legal disputes from arising in the future. It also serves as evidence of the parties’ original intentions and obligations. If any issues with your business contract should arise, you will be able to call upon your attorney for future advice or questions.
Annapolis Business Lawyers at Oliveri & Larsen Can Help You With Your Business Contract
If you need help with a business contract, speak with one of our Annapolis business lawyers at Oliveri & Larsen. Call us at 410-295-3000 or contact us online to schedule an initial consultation. Located in Annapolis, Maryland, we serve clients in Ocean City, Anne Arundel County, Baltimore County, Baltimore City, Calvert County, Harford County, Howard County, Queen Anne’s County, St. Mary’s County, Worcester County, Kent County, and the upper and lower Eastern Shores of Maryland.