Never get caught in a tight situation because you didn’t fully understand all the terms of your contract.
Contracts are legally binding agreements between parties that are designed to set clear parameters on the agreement between the individuals and/or entities involved. Unfortunately, these same contracts that were intended to allow both parties to operate, collaborate, and function with a clear understanding of their individual roles in the agreement have also been used to trick, trap, or take advantage of a person or entity. In business, bad contracts with malicious clauses or unclear parameters can mean chaos for you and your business.
People generally have to sign contracts in the workplace. Alliances with other companies or utilizing the services of contractors should involve some sort of contract. Many feel that they can navigate the complexity of legal language. And, that they can also tackle the legal comprehension required to truly understand what they are legally binding themselves and their companies to by signing their name. However, without a lawyer this can be a dangerous practice especially with a long-term contract.
In the entertainment industry, it is foolish for an actor of celebrity status to sign any contract presented to them without having his or her lawyer review it to make amendments to the contract before signing. Why? Because these high caliber performers understand how much money and other valuable assets, such as their image, is at stake. Your business and personal affairs should be no different.
No matter what industry you work in, if you have a contract presented to you, then you need a contracts lawyer to review and revise the contract for you. The business or entity that originally drafted the contract will write it in their favor, hoping that you simply sign your name on the dotted line and leave yourself at their mercy until the contract expires. A contract lawyer can review the legal document and advise you on whether you are entering into an agreement that is in your favor.
For example, Sarah is an experienced business owner, who has a MBA degree, and has also run her company successfully for the past 12 years. Her company makes jewelry, and she enters an agreement with a box manufacturer to make custom jewelry boxes at a set price for the next 5 years. The box manufacturer presents her with a contract, which Sarah reviews to ensure that her agreed price and 5-year term is in the agreement before signing the contract. Her agreement seems simple, and she doesn’t need a contracts lawyer to review this agreement, right? Well, after the first month of working with this manufacturer, Sarah receives an invoice for an amount that was much higher than she had expected. She calls the manufacturer, and she is notified that she is in fact paying the agreed price. However, she is stunned to find out that her company must pay the agreed price plus additional fees for resources and labor. Sarah is furious and even dumbfounded that she locked her company into this unfavorable agreement for the next 5 years. This costly mistake could have easily been avoided had she consulted with a contract lawyer.
Here, A.A. Castro Complex Litigation, Appeals & Negotiation, PLLC is here to help you navigate through the web of legal contracts that may come your way. Our expert contract lawyers will review, revise, and negotiate for your best interest so that you can conduct business in a way that aligns with your business’ values and goals.
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