The Importance of Contract Review
We enter into contracts every day for business and personal reasons. Some of these contracts are written, while others are oral. In every case, it is important that you hire a contracts attorney to understand the terms of the contract so that you are agreeing to the terms that you think you are agreeing to. Many times, it is important that the terms of the contract be fairly negotiated, and that one party did not just steamroll the other party. Contracts should always be properly drafted, and reviewed to ensure the contract meets the intentions of the parties. Many contracts are unfair or illegal and you need to know what the law is before you sign.
“Form contracts” and contracts with the language and terms already set. A common example of when form contracts are those used is in landlord-tenant agreements. When using form contracts, parties usually do not negotiate, and seldom use a contracts attorney, which could be a big mistake. This makes it essential to carefully review the terms of the contract in order to be aware of the rights and responsibilities imposed by the agreement. Keep in mind that the form contract may not be the best option in your specific situation.
Many parties may want to hire a contracts attorney to tailor a contract to their needs. When drafting the contract, it is important that each party knows exactly what is expected of them. If there are any words that could be misconstrued, or any terms that are ambiguous, parties should be sure to define them within the contract. Ultimately, when drafting a contract, clarifying the terms and duties should be the goal.
It may sound obvious, but before signing a contract, each party should read it. In reviewing the contract, parties need to make certain they understand the stated obligations are under the contract. If there is any uncertainty as to the duties of each party, and yet they signed the contract, they may be liable for breaching the contract. Having a legal professional review the contract terms will ensure that the needs of each party will be met and that no party will obligate themselves unexpectedly.
You may easily purchase various attorney reviewed forms at our online forms portal. Here are some categorizes of forms that are available: