6 Reasons To Hire A Lawyer When Drafting A Business Contract

May 6, 2024

When running a business, relationships are an essential key to success. Business owners rely on connections with customers, clients, along with vendors, suppliers and others to build and sustain their business.  While contracts are sometimes viewed as unnecessary or costly to prepare, they are an integral part any business’ success.  Not only are they useful when it comes time to enforce the parties’ agreement, they can be a critical negotiation tool.  Having a meaningful contract allows the parties to set the expectations each has for the other at the beginning of their contractual relationship, often forcing them to consider and discuss things that they did not think of and allowing an order administration of the parties respective obligations both when things are working well, and in the unfortunate event of that relationship breaking down.  The experienced Tampa Bay business attorneys at Older Lundy Koch & Martino will teach you why it’s beneficial to hire a lawyer when drafting a business contract.

1. Gain a Better Understanding of Your Contract

Contracts can help set expectations, create accountability and transparency, and ultimately serve to prevent disputes.   When it comes to disputes arising under a contract, an effective and meaningful agreement can prevent costly litigation, or at least a path to resolving before they make it to the courtroom. This is why it’s important to fully understand your business contract and all the minute details that are included. Since the specific wording can make a big difference, it’s best to hire an experienced business lawyer who is able to translate contracts in a way that can be easily understood.

2. Use the Knowledge of an Industry Expert

Since it’s part of a business lawyer’s job to create contracts to protect their client’s business in good times and bad, business owners can benefit by enlisting an attorney’s help in drafting company contracts. A good business attorney should know how to create a contract that address their client’s individual needs. When business owners attempt to draft a contract themselves, or use a “form” that they think will work for them, they are more likely to overlook critical issues.

3. Make Your Contract Legally Enforceable

A business lawyer could draft business contracts in such a way that they can be legally enforced in a way that actually helps the specific business their client is engaged in. Just because something is on paper and signed doesn’t always mean that it effective. If a contract, or element of a contract, is deemed to be unreasonable or impractical based on the actual relationship between the parties, it could lead to more costly litigation and a less certain outcome This can be solved by enlisting the assistance of an experience business attorney before contracts are prepared or exchanged.

4. Seal Up Any Potential Loopholes

It’s common for parties to find loopholes or gaps in a business contract, especially when they acquire the help of a lawyer. By being proactive in hiring a business attorney that understands the needs of their clients, a business owner can head off any possible loophole issues, and make it difficult for others to find ways around contracts

 

  1. Address Current Laws and Regulations

 

Many businesses end up losing legal battles because they don’t have contracts that work for their particular situation, or they fail to understand the laws or regulations that apply to them. This is not an excuse in the courtroom, and often leads to more lengthy, adversarial and expensive litigation with less certain outcomes.  A business lawyer can help keep clients up to date with everything they need to know.

5. Keep Your Lawyer Close In Response to a Breach

No matter how comprehensive a business contract is, litigation is always a possibility. In the case of a breach, having a team of attorneys that are there to not only prepare an appropriate agreement, but to effectively enforce it in a courtroom may prove to be invaluable for a business owner, especially if that lawyer is the one who assisted in drafting the contract in the first place.

Contact the Lawyers at Older LundyKoch & Martino!

Let the Tampa Bay business lawyers at Older Lundy Koch & Martino help draft your contracts for a better chance of peaceful business relationships and smooth transactions. Call (813) 254-8998 today to receive experienced legal assistance for your Florida business.

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