A contract is a legally binding agreement. If you get offered one, you should understand exactly what it would entail before signing it. Unfortunately, even if you understand the terms of the contract, you still may not fully appreciate their significance or the repercussions of signing the deal.
Getting a contract reviewed by a business and contracts attorney can protect your interests, avoid signing an agreement that you end up regretting, and help you make an informed decision about your future.
Why Should I Get a Contract Reviewed By a Lawyer Before Signing It?
Simply put, an experienced lawyer will tell you what the contract entails and help you see how it will influence your future. This goes beyond just reading you the contract that you have been offered. It also includes:
- Contract analysis: Your lawyer will explain what each contractual provision means, its role in the agreement, how it applies to your particular circumstances, and how it can help or harm you over the course of the agreement
- Risk assessment: Your attorney will isolate particular contractual terms that pose a risk to your interests, explain the magnitude of those risks, and offer strategies for mitigating them
- Legal research: Your lawyer will research the applicable laws to determine whether the contract is enforceable or even legally valid. It is not uncommon for contracts to be drafted to include provisions that restrict you in ways that cannot be enforced – generally in the hopes that you do not get a lawyer to review your contract and simply presume that the term is valid
- Negotiation tips: Your attorney may offer tips for negotiating the contract with the other party, often by recommending modifications to the contract that protect your interests
With this information and input, you can make a more informed decision about how to move forward.
What Kinds of Contracts Should Be Reviewed by an Attorney?
You should strongly consider getting a lawyer to review every major contract that you are presented with. Whether a contract is a “major” one or not is subjective, though it generally includes those that:
- Involve more than a couple thousand dollars in an uncommon type of transaction
- Will remain in effect for more than a few months
- Deal with an employment relationship
A few examples of contracts that you should probably get reviewed by a lawyer before signing are:
- Executive agreements
- Consulting agreements
- Release and settlement agreements
- Those that have to comply with the Statute of Frauds
- Employment contracts and severance agreements
- Contracts with vendors
- Commercial leases
- Franchise agreements
- Partnership agreements
- Contracts to buy or sell a business
These are the sorts of agreements that can leave you exposed to liability or cost you a substantial amount of money if you are not careful.
Massachusetts Business and Contract Lawyers at the Katz Law Group
The business and contract attorneys at the Katz Law Group have nearly four decades of experience in helping businesses and individuals in central Massachusetts navigate sensitive contractual issues. Contact them online or call their law office at (508) 480-8202 for help.
