The Calkins Law Firm | Premier Business Law Professionals In Ohio and New York
A business contract is a legally binding agreement between two people or entities that contains the following elements: an offer, acceptance of that offer, consideration (aka money or goods), mutuality of obligation, the parties are competent and capable, and sometimes the contract needs to be in writing as opposed to merely verbal.
There are contracts for all stages of the business lifecycle from starting a business, to taking on investors, to selling or shutting down a business. There are contracts for all the relationships of a business from suppliers and customers to employees, investors, and various governmental agencies.
There are contracts for all the transactions of a business; which, if considered as a whole, tell the story of a business.
A thorough, well conceived and thought-out contract can save you a lot of grief. A well written contract makes all the difference between not having a problem and spending thousands of dollars on a court case. A well written business contract clearly describes what is expected of each party and prevents future misunderstandings because expectations are clear.
So why do many business owners “wing it” when it comes to drawing up contracts or reading one they’ve been given to sign? Money. It boils down to money. They think having a qualified business contracts attorney write or review a contract will cost them thousands of dollars. That is not the case. Often, our business attorneys can write a contract in less time than it takes you to find a form online and fill it out. Our attorneys can also review a contract quickly, tell you if terms are fair and customary and help you understand your rights and possible consequences.
Writing Business Contracts
Some of our clients, especially our repeat clients, know exactly what they need in a business contract. If you know exactly what you need, our lawyers can quickly and efficiently draw that contract up for you.
However, if your business has any, “If this, then this. If that, then that.” scenarios, you need to work those contingencies into the contract. Too many business owners simply recycle contracts from companies they have worked with in the past or get a form off Legal Zoom. These boilerplate contracts are dangerous and lead to a false sense of security. Far too often, they fail to address crucial points that can lead to expensive losses and legal bills.
The business contracts lawyers at Calkins Law firm do not sell forms or boilerplate contracts. We sell expertise, experience, and most importantly judgment about what matters, what risks are present in a particular context and how most reasonably and cost effectively to address/ cover them.
Reviewing Business Contracts
You may know how to read a contract but do you know what’s fair and customary? Would you know if something were missing or even wrong? Many of our business contracts clients come to us because they have been presented a contract to sign. Signing a contract before you review it with an attorney can be a fatal mistake. When you review your business contract with one of our attorneys, we will discuss exactly what this contract means, where you might compromise, where you shouldn’t compromise, and how best to revise the contract.
Why You Need an Experienced Business Contracts Attorney
When you hire an experienced business attorney, they can write or review a contract quickly. For a small financial cost compared to the peace of mind, an experienced business attorney can help you can avoid litigation by contemplating all the possible issues in the contract itself. To put it bluntly, it is insanely penny-wise pound-foolish to go it alone given the limited cost and the substantial risks involved in either.