We realize that running your own business successfully means saving money on expenses. If you work with a lawyer to write the contracts for your company, you can save money by avoiding costly mistakes.
This blog will talk about why you need an attorney to draft your business contracts. North Carolina business attorneys can help you write contracts that meet your goals and help you avoid expensive problems.
When Your Lawyer Drafts the Contract, You Can Get Better Terms
If the other party’s lawyer drafts the agreement, you can bet that the terms are slanted in favor of their client. You can turn this around by offering to save the other party some money on legal fees by having your attorney write the contract. Of course, the money you will save by having terms written in your favor will be well worth it. Even if your attorney does not draft the contract, your attorney can always look at the agreement to provide revisions, or clarify the terms for you so you fully understand what you’re signing.
If the contract is not written with your interests in mind and a dispute arises, your legal fees could be higher if you dispute unfavorable terms in a contract written by the other side’s lawyer. You can avoid that situation by having your lawyer draft the papers.
An Unenforceable Contract Is Worthless
We know that there are a lot of forms for different kinds of contracts online. However, every situation is different which is why a custom contract is the safest way to go. The money a person spends on contract forms that turn out to be unenforceable is a total waste of funds. Add to that wasted money the money your business loses after a judge declares your contract to be unenforceable.
The missed business opportunity of a transaction that never happened because of an unenforceable contract, the unenforceable remedies for the other side breaching the contract, and the loss of protection of your company’s trade secrets or customer lists for an unenforceable non-disclosure or non-compete agreement are just a few examples of how an unenforceable contract could hurt your company.
You Might Not Be Aware of Which Contracts Your Business Needs
Having a lawyer involved in drafting your contracts can also mean that the attorney can offer guidance on what kinds of agreements you need to protect your company. You might not realize, for example, that certain vendors or potential investors need to sign non-disclosure agreements to prevent them from the unauthorized use of your company’s confidential information.
You might also need employment agreements signed by your workers, an employee handbook containing company policies, and intellectual property agreements. Few businesses function without using some sort of software, and you need to make sure your employees know and agree to follow the company rules about intellectual property. Employment agreements and employee handbooks could help you avoid expensive lawsuits, damage to your company’s reputation, and massive payouts on court judgments.
Without Lawyer Involvement, Your Contracts Might Be Incomplete
A contract needs more than just a bullet list of the terms of the contract to be complete. There are different rules for different types of contracts to be a complete, enforceable document. A “pre-fab” contract form sold on the internet cannot possibly ask all of the questions needed to determine the legal requirements for completeness. These contracts may omit valuable terms that leave your business vulnerable to a costly lawsuit.
You might save a little money upfront by purchasing a generic contract form, but lose money hand over fist if the agreement does not include all the required components to be enforceable or does not contain the protections your company needs.
Contact Us Today
North Carolina business attorneys could help draft your company’s contracts. For help with your case reach out to our office today.
