5 things you need to know about Contract Reviews/Drafting
- Every business enters into contracts. Most businesses actually enter into contracts every day, for example a contract with each customer. Many contracts are verbal, or entered into by email. It can be difficult to be sure what you’ve agreed to.
- It’s important that business contracts are set out in writing, to protect you and the customer. It’s wise to set up standard contracts, so it’s very easy to provide a written contract quickly. For example, your business can have standard sales terms and conditions, a standard employment agreement, standard contractor agreement and a standard license agreement.
- A contract is usually structured with the operative, or business-specific clauses, at the beginning of the document. The more standard “boilerplate” clauses, that address general legal issues, are generally at the end. Generally the majority of the time spent drafting or reviewing and negotiating a contract will be spent on the operative or business-specific clauses.
- You can work out and negotiate the economic and business specific details before you bring in your lawyer. The lawyers can then negotiate the finer details of the contract without spending time on the business specific issues.
- Finally, it’s important that you work with a lawyer who has specific experience either drafting or reviewing the contract in question. A franchise lawyer should draft or review a franchise agreement. A lawyer with expertise in commercial leasing should assist you with your commercial leasing needs.
Ursula Hogben Key Focus:
Commercial Law, Contract Law, Information Technology And Online Law, Intellectual Property, Capital Raising LawExperience:
Bank of America Merrill Lynch, Baker & McKenzie, Hogben Group