Whether oral, implied or written, businesses couldn’t exist without contracts. Whether you want others to be bound by your contract or another party has one for you to sign, you need to fully understand contract language and its possible implications. You don’t want to find out about a clause or a section that’s contrary to your interests when something goes wrong after you’ve signed the contract.
Don’t Guess. Find Out What the Contract Means and How It May Impact You.
If you don’t understand certain language, maybe you fear looking stupid or the cost of having an attorney review it. When it comes to contracts, there is no such thing as a stupid question (only a stupid answer). The cost of reviewing a contract is probably less than you might imagine and A LOT less expensive than having something go very wrong after you’ve signed a contract you don’t fully understand.
Paying for an attorney to review contract language (whether it’s a contract you want to create or the other party’s contract) is like paying for insurance. You have homeowners insurance though in all likelihood your house won’t burn down or be split in half by a falling tree, but it’s a very sensible thing to have in case those events actually happen.
Language in a contract may be very fair and comply with applicable laws, but since you’re not an expert in contract law what you think you know about the contract is actually only a guess. You shouldn’t risk your business based on guesses. You wouldn’t lease property based on what you think will be the monthly payment or your hunch on where you think the property is located. Don’t make the same mistake with contracts.
Once You Sign It, It’s Yours