The best time to receive legal advice is before any contract is signed. Any new legal document has the potential to substantially impact your finances, time, and responsibilities if you don't conduct a proper contract review. It is important that the terms of the contract are fairly negotiated, properly drafted, and reviewed to ensure the contract meets the intentions of the parties. Today, contracts are so complex that attorneys are routinely hired in order to decipher the meaning of such agreements. Whether you’re a business that deals with contracts on a daily basis or an employee handed a confidentiality agreement, it is important that the agreements you enter into fully protect your interests and goals.
It would be unfortunate to enter into a contract only later to learn that it’s invalid. Speaking to a contract review attorney can avoid this.
Greater understanding of contract
Top-notch contract attorneys can explain complex terms in simple ways for clients.
It’ll help with negotiating
If you haven’t signed the contract then you still have the chance to negotiate the terms in the contracts. A lawyer may suggest you to push back on some unattractive terms, and advice on the best way of doing so.
What type of contracts can I have reviewed on LawTrades?
The contract lawyers on LawTrades can review just about anything. The most common types of contracts that are reviewed include employment contracts, consulting agreements, confidentiality agreements, non-compete agreements, invention assignment agreements, franchise agreements, sales contracts, service agreements, operating and partnership agreements, settlement and release agreements, memorandums of understanding, licensing agreements, and web agreements.
What’s required in a contract?
On the lowest level, a contract requires: 1) an offer; 2) an acceptance; 3) consideration; and 4) competent parties. A well-written contract should also detail the specifics, such as the names of the parties, the price, and the quantity. Certain contracts require different things so it’s smart to contact a business attorney when you’re dealing with important contracts - to make sure you hit all the points and to double check you aren’t being outmaneuvered by the other side.
What is the Freedom of Contract?
The Freedom of Contract is the ability of parties to create the terms of their agreement on their own without outside interference from government. This affords contracting parties a ton of independence when forming a contract. Often, it’s not until years later that a court will assess the validity of a contract when there’s a controversy.
What is the Statute of Frauds?
It is a legal requirement for certain kinds of agreements to be in writing. The most noteworthy instances that the Statute of Frauds applies to businesses is for the following contracts: 1) performance contracts that cannot be performed within a year; 2) contracts for the transfer of land; 3) contracts for the sale of goods totaling $500 or more; and 4) contracts in which one party acts as a guarantor for another party’s debts.
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