There is no such thing as a standard contract. Each contract must be drafted according to the facts and circumstances of the parties and their intended arrangements. It is easier than you think to enter a bad deal. A partnership, purchase, merger, or sale that looked advantageous in the beginning may end with you accepting all the risks and most of the costs while getting very little in return.
You should work with a Contract Drafting Lawyer from the very beginning and until the deal is signed. You want a lawyer with the expertise and experience to generate a contract that is fair and balanced, and even a little to your advantage.
Types of Contracts
It is your job to assess how a contract will benefit your business; it is your lawyer’s job to establish the language and structure of such a contract so that it redounds to your advantage. Here are some of the contracts you will need to enter to make your business work:
-Purchase and sale agreements
As your business grows, you will be required to make new purchases and sell off old buildings and obsolete operations and practices. You should always strive to ensure you get a good return on the investment you have already made. The wording of the deal will often determine whether that happens.
You will also need to pay close attention to the contracts you create with partners, vendors, and distributors. Alliances that unreasonably increase your cost should be carefully looked at. You also want to take great care in franchise and licensing agreements. These must by necessity be limited, and you must ensure that the contract is written in a way that gives you a fair share of the revenue made by those using your name, brand, or design.
The Person in the Room
Drafting a contract can be a long and tedious affair. The more complex the transaction the longer and more detailed the contract will need to be. At some point you will need to leave the matter entirely to your attorney. That means working with someone you can trust and rely on. They will be the person in the room, representing your interests and ensuring that you are not getting the short end of the stick.
The Need for a Business Lawyer
You may have big plans for how to grow your business. And you may have all the people you need to put such a plan into operation. However, you can do very little without a competent and experienced business lawyer. This is the kind of professional you want to take your time looking for. Once you have found someone who is suitable for the job, you want to cultivate a long-term relationship with them. It is better to have a lawyer in place who knows the ends and outs of your company and can anticipate your needs and desires.