Contracts are an essential part of conducting business. In fact, every business — from a small sole proprietorship to a large fortune 500 retailer that operates in all 50 states — enters into a contract whenever a customer buys goods or services. Business contracts can cover nearly every aspect of business and may include employment contracts, nondisclosure agreements (NDAs), buy-sell agreements, and purchase orders, to name a few.
Contracts are legally binding agreements that establish certain rights and responsibilities for the parties to maintain. They often contain dense legal language that can be extremely difficult for a person without legal training to comprehend. For this reason, it is extremely important for anyone engaging in any type of business to have their contracts reviewed by an experienced lawyer, like a business litigation attorney in Washington, DC.
An Attorney Will Ensure that Any Ambiguous Terms Are Clarified
One of the most common causes of significant and costly contract disputes are ambiguous terms. It may come as a surprise to those who do not practice law, but commonly used words that one would assume are not subject to interpretation can become the focus of protracted litigation that could cost thousands of dollars in legal fees. By having a skilled lawyer review a contract prior to signing it and clarifying any ambiguous terms, business owners can avoid these issues before they arise.
A Lawyer Can Help Identify Any Issues that May Not Be Addressed
Many contractual disputes arise because certain issues that should have been addressed in the agreement were not at the time that it was executed. Common examples of these omissions include choice of law provisions, dispute resolution procedures, each party’s rights in the event of a breach, and clauses compelling arbitration or mediation.
An Attorney Will Negotiate the Most Favorable Terms Possible
The process of forming a business contract often involves a significant amount of negotiation regarding the terms of the agreement. In many cases, these negotiations involve matters regarding the price of goods or services, the duration of the agreement, exclusivity, and the disclosure of information. When you retain a skilled business attorney who is familiar with reviewing business contracts, you can rest assured that the terms of your agreement will be as favorable to your interests as possible. In many cases, an experienced attorney can negotiate a significantly better contract than business owners would be able to negotiate on their own.
Consult a Business Litigation Attorney
Pursuing a contract claim on your own can be very difficult. You should contact an experienced business litigation attorney who will evaluate your case, preserve your rights, and get you the compensation you deserve.
Thanks to Brown Kiely, LLP for their insight into the importance of having a business litigation attorney review a business contract before signing it.