We begin drafting contracts after we fully understand your business needs. Then, we articulate your goals in your contract according to the appropriate principles of law and level of risk allocation. We understand that often contracts are negotiated instruments, and therefore both parties must take on some level of risk. We view our job as one in which we give you the best possible deal for the least amount of risk.
Is it Worth the Cost?
Business attorneys make more money litigating bad contracts than drafting good ones. It is not uncommon for businesses, business partners, and entrepreneurs to spend $20,000 to $50,000 in lawsuits. In our experience, these lawsuits most often stem from four main things:
- Misunderstandings about certain items or clauses in the contract;
- Misinterpretations about clauses in the contract, where both sides interpret certain obligations or duties differently;
- Failure to clearly put into the contract what the parties negotiated for; and
- Failure to understand the principles of law that govern your contract.
Having one of our Ogden business attorneys draft your contract is like paying for good insurance. The more you have to lose, the greater your risk, and therefore the more you need to be protected. We believe that not only is it worth the cost to hire an attorney to draft your contracts, but it will actually save you money in the long run, better protect you and your business interests, and it conveys a degree of professionalism and prudence that bodes well for your business and those you do business with.
Contract Tips to Help Protect You
As we have represented business clients in litigation we have frequently been reminded of a few simple lessons:
- Individuals that elect to use old contracts, find free contracts online, or draft their own contracts, end up spending a lot more money in litigation than they would have if they hired an experienced attorney to draft their contracts for them.
- Don’t leave out important details in order to get the deal done sooner. We understand that many business deals are time sensitive, however we also find that there’s wisdom in being cautious. You need to make sure your contract clearly spells out all of the obligations, warranties, conditions, covenants, representations, etc.
- Remember different types of contracts are governed by different laws. You need to hire an attorney that is knowledgeable and up to date in the specific type of law that governs your contract. Failure to comply with new laws can result in a contract that is not upheld by a court of law.
If you’d like to learn more, please call our office and schedule a consultation with one of our Red Law contract attorneys of Ogden, Utah.