Entering into a contract is a binding legal document and must therefore be reviewed extensively prior to signing. Since it is so critical to make sure that the contract or agreement is written fairly and to both party’s liking, hiring an attorney to look it over is advisable. People enter into contracts for all kinds of different reasons. But whether you are signing a lease agreement, entering into a business partnership, or buying a new software service for your company, understanding exactly what is in the contract prior to signing it is essential for the smallest to the biggest agreements.
The following are some of the most important things to look for when reviewing a contract:
- Ensure that the parties involved in the contract are identified accurately
- Double check all business terms to understand all of the deadlines of payments, etc.
- Look for any and all blanks in the contract and complete the correctly
- Look out for any automatic renewals
- Review termination rights
- Make sure that confidential information is defined clearly
- Take a look at how risk is allocated, including insurance requirements
It is also very important to remember that a contract is just a starting point for negotiations. As such, meeting with a contracts attorney is imperative when reviewing the contract so that you can express what you want and ensure that it is properly written in the agreement. For your protection, you should always consult with your attorney prior to entering into contract negotiations and before executing a contract. Please contact the Law Office of Brenda Murzyn, P.C. if you would like to discuss the impact of entering into a contract and create or review a new contract. We look forward to hearing from you!