For many business owners, the concerns about how to handle day-to-day business are more than enough trouble. However, with business dealings come plenty of potential legal issues, especially when it comes to business contracts. If you do not have a lawyer review or draft your contracts before you sign them, it could cost you a lot of time, stress, and money. Here are just a few reasons why you should make sure a lawyer has gone over your business contracts:
- Form contracts can’t cover everything
- Instead of hiring a lawyer, some people may rely on “form contracts,” pre-written contracts that can be found online that can act as a basis for other types of contracts. While these can theoretically save a lot of time, they are often purposefully generic, with only the bare minimum necessary for a legal contract. If you try to rely on form contracts for your business needs, you are very likely to miss important terms. Online forms are also often meant to be “once size fits all” instead of being geared to the laws of a particular state where you do business.
- You may have needs specific to your business
- Another reason you should have a lawyer look over your business contracts is that every business has its own unique needs. Some of these may be specific to your industry, with certain legal requirements you need to cover for the sake of the products you sell or the services you provide, whether your business sells its products or services in one state, more than one state or even more than one country. Others may be unique to your location, your business model, or other special issues you may not spot without the guidance of a lawyer.
- You need to worry about liability
- While it is nice to believe that everything will go smoothly in business, the fact of the matter is that there is always a risk that something will go wrong. When something does go wrong, you need to make sure that you have minimized the risk of liability with carefully constructed contract terms. Otherwise, any serious issues you face could come back to haunt you, legally or financially. Properly drafted contracts by an experienced attorney will make sure your business is properly indemnified against the actions of others and that disputes will be resolved in the most cost-effective ways possible.
- Interstate and international commerce make everything harder
- As difficult as it can be to simply run a small business in a relatively limited geographical area, it can become much harder if you start to expand to interstate or international commerce. Not only can you risk running afoul of the laws of other states and countries, but you could also suffer financial problems as well. A lawyer with experience handling these kinds of issues can help you create business contracts that comply with the laws of any jurisdiction you do business in, protecting you from unnecessary risk.
- The law changes constantly
- Even if you had a lawyer go over your business contracts when you first wrote them, that may not be enough. The law is constantly changing, and what is considered acceptable one day can become a major problem the next. Many different areas of the law can impact on your business, such as modifications to the tax code, intellectual property laws and as various laws “catch up” to the use of constantly evolving technology. That is why you should always consult with a lawyer on any business issue, the better to ensure you are always in compliance with the law.
The Law Offices of Hunziker, Jones & Sweeney routinely handle business law matters for New Jersey business owners, whether for a small start-up, a mid-sized company, or a large corporation. Whether the matter concerns the drafting of a simple agreement, or instead involves a more complex transaction involving multiple parties or facets, the firm can assist. Contact the firm for a consultation at (973) 256-0456 or fill out our contact form for a consultation.
One thought on “Have You Had a Lawyer Go Over Your Business Contracts?”
My friend is nervous about signing contracts for his new business. I can see how having a lawyer there to look over them would be really beneficial! I’ll make sure how helpful it can be to have a lawyer with business expertise.