A business contract review attorney is a legal professional that works to help ensure your company’s contracts are legally sound and enforceable. Business contracts are complex documents full of legal terms and industry jargon, and even minor errors can have serious consequences for your business.
A good business contract lawyer will be well-versed in your specific industry’s lingo and practices, which can be difficult for non-lawyers to understand. They will also be able to find the loopholes that could prevent you from getting paid or present other liabilities for your small business. Often these loopholes are intentional, but they can be difficult for non-lawyers or new businesses to spot.
Often, companies will use second-hand contracts downloaded off the internet or copy a contract from a third party without having it reviewed by a lawyer. This can result in a variety of issues, from a breach of contract to unenforceable terms that could damage your business. A business contract review attorney can assist you with the proper drafting of your contracts to help avoid these issues and ensure that your contracts are legally sound.
The process of reviewing a business contract includes going through the document line by line to make sure it is legally enforceable and fair for all parties involved. It also looks closely at the wording, warranties and statements to make sure that the final document is clear and supports a mutually desired outcome for all parties. The contract review process will also look at the structure of the contract and whether or not it contains any hidden clauses that may not be in your best interest.
Business contracts are complex and contain a lot of legal language, which can be confusing for business owners or new employees. To avoid misreading or overlooking important details, it’s a good idea to print out a copy of the contract and mark up any areas that need more attention. It’s also helpful to have the pages of the contract numbered so that you can easily locate any page that needs more attention.
While many people can read through a contract and find any problems or red flags, the most thorough review of a business contract will be performed by an experienced business contract lawyer. This level of review includes not only reading the contract and making notes about problem areas, but also editing the contract on your behalf. This is known as “redlining” a contract and can significantly speed up the process of reviewing and negotiating a contract.
While a business contract lawyer will be more expensive than a basic contract review, they can save you money and time in the long run by taking care of all the legal details for you. This will give you peace of mind and allow you to focus on running your business.