5 things you need to know about Contract Drafting
- Commercial and business lawyers spend a great deal of time drafting contracts. It’s one of the main tasks that businesses hire lawyers to assist with. A good business lawyer will generally work with a base contract that they have created for that type of industry and that type of business. This ensures that your document will comply with the relevant laws and industry requirements. The contract is then tailored to address your business specific requirements. This process gives you a high-quality document at a reasonable cost.
- It’s important that you choose a lawyer who has specific experience drafting the document you’re in need of. This is because the lawyer will know both the laws and the industry specific requirements for your business. The quality should be higher and the cost of producing the document should be reduced if you work with a lawyer who knows your industry and type of business.
- It’s important that your lawyer works efficiently. Many lawyers work on an hourly rate, and are therefore incentivised to take as long as possible to draft the document. If possible, choose a lawyer who will draft your contract for you for a fixed-fee. Contract drafting is a job that is specific, so works well on fixed-fees.
- Once your contract has been drafted, it’s likely that your counterparty will want to negotiate its terms. A good contract lawyer will be able to assist with the negotiations. If you want to keep your costs down, you can negotiate the business specific details of the deal, and then have your lawyer draft and review the changes.
- Finally, remember that contract drafting doesn’t need to be over complicated with jargon and complex language. Your lawyer should create a straightforward contract that can be understood by all parties.
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