The importance of properly drafting documents for business transactions is something that cannot be minimized. The critical nature of such documents is perceived often when a transaction goes sideways or when a dispute arises between the parties that made the deal. This is often when businesses comprehend how much more arduous and costly it is to try and fix a contract rather than getting it right in the first place.
Our Northern Virginia business lawyers have helped numerous area businesses draft airtight contracts and we know that the process of drafting such a contract starts way before a single word goes on the page. The first step for us as business attorneys is to listen to you and understand your needs as a business and the transaction you have negotiated. It is important to set forth what the agreement needs to accomplish before you start writing it.
The contract has one major function – to protect your business’s interests if a dispute arises at a later date. The contract must properly spell out all the conditions of the agreement and clearly describe what each party is committing to do. It is also important to write the contract in such a way that the other side is also comfortable signing it.
The contract is a legally binding document. This means that if the other side that is part of the agreement fails to follow it, you can take them to court. A business agreement is enforceable in a court of law. So, the contract must be written in such a manner that it will hold up in court.
There is no legal requirement that you retain a business lawyer to draft all contracts. But successful businesses understand that they are making a sound investment when they hire an experienced lawyer to draft documents for their business transactions so they don’t have to pay the price later. When you hire a lawyer you accomplish several goals. You make sure the document is enforceable in court. Your lawyer helps you avoid mistakes that could later prove costly. And you get that valuable objective perspective from a professional who has no stake in your deal.
Lawyers who help draft these contracts have extensive experience and highly specialized knowledge in the area. They know how punctuation, language and succinct writing can make a huge difference to a business. The contract is what gives businesses the legal protection they need. If you have vague language in a contract, you can get into quite a bit of trouble later. For example, when you have a contract for a project, but don’t clearly specify when you want the job done, you cannot take a contractor to court or hold them accountable for any time delays in the project, even if those delays cost you thousands of dollars. When you have a contract, you also have leverage in addition to security.
Another pitfall of do-it-yourself contracts is that they don’t anticipate issues that might crop up in the future. An experienced business lawyer who has a track record of routinely drafting these contracts will be able to anticipate what could go wrong and write the contract accordingly.
If you are about to enter into an important agreement, don’t go for an online template, which doesn’t take your unique needs into consideration. It would be in your best interests to retain the services of a Northern Virginia business lawyer who will ensure that you are getting a document customized to protect your specific interests and drafted particularly with your situation in mind. Call Frost & Associates LLC. at (571) 490-8269 to find out how we can use our legal expertise to assist you with your business needs.