The Importance of a Good Business Contract Lawyer 

The Importance of a Good Business Contract Lawyer 

Wednesday, 12 August 2020 14:12

We typically think we only need a lawyer when we find ourselves in a tight spot. The truth is, having a working relationship with a good business lawyer helps you avoid those tight spots altogether. This is particularly true when it comes to contracts; these are a ubiquitous and vital component of the work world, and, if done improperly, they can result in costly and contentious battles. 

 

What You Need to Know About Hiring a Good Business Contract Lawyer

Business lawyers are invaluable assets and resources in a variety of situations, including:

  • Purchasing/leasing properties 
  • Negotiating the sale of the business
  • Complying with applicable labor laws
  • Preparing business taxes 
  • Properly establishing a new entity or venture 
  • Handling disputes and legal issues (e.g. lawsuits, violations)

And, of course:

  • Drafting, reviewing, and negotiating contracts and, if necessary, representing your business in contractual disputes 

Business contracts require extensive research as well as skill in negotiations, extensive knowledge of the business and objectives for the contract, and the technical ability to draft and review documents to ensure accuracy and to close up any “loopholes” that could become problematic down the line. 

Businesses enter into contracts routinely, with employees, partners, vendors, suppliers, property owners, contractors and subcontractors, and others. Each will require different terms and conditions; but no matter the type of contract, it is essential that you have built-in protections to cover your business (and of course, the other party will need protections on their side as well… this is all part of the negotiations process). 

Arguably the most critical part of the contract process is the exchange of information. This comes before discussions and negotiations, and it is integral in gaining insight with which to develop terms and conditions that align with your goals. Your lawyer is on your side: they are working to secure optimal contractual terms. But they are also there to make sure the contract is legally binding and that agreements do not put you or your business at risk for legal problems.

Without the assistance of an experienced business contract lawyer, you are vulnerable to contentious relationships, breach of contract situations, and lawsuits that drain your company’s resources (not to mention your time and energy). 

Before you enter into any contract, contact Robert P. Laney for guidance and advice. From discussions and negotiations to review and representation, we are committed to protecting the interests of our clients - and their businesses.