Although retaining an attorney for contract drafting, reviewing, and negotiating can be very costly, it is important to hire an attorney when handling contracts because they are better able to successfully execute the objective intent of the parties more than anyone else.
We will now discuss why retaining an attorney is vital to drafting, reviewing, and negotiating contracts:
Drafting: The attorney will:
- Verify that the contract is valid, binding, and enforceable by ensuring that the 3 requirements of a contract are met: (1) offer; (2) acceptance; and (3) consideration.
- Specify the terms of the agreement in such a manner that no provision or term will be left open to interpretation, and therefore will minimize the risk of litigation.
- Ensure that the contract accurately represents the objective intent of the parties, rather than the subjective intent that may be created without an attorney.
- Be able to provide legal provisions outside of your knowledge. (i.e., regarding litigation, attorneys’ fees, etc.)
- Minimize the risk of loopholes your contract may present.
- Eliminate any other future problems that may arise.
Reviewing:
- Attorneys are constantly exposed to contracts throughout their career. They know exactly what to look for and are better able to spot issues than a layperson.
- Attorneys have a special attention to detail, which is why they’re great for ensuring that the contract is impeccable. This attention to detail helps them find any provisions that may be vulnerable to a dispute and rectify the issue before a dispute ensues.
- Attorneys are better able to understand the legal lingo in the context of the contract and can help you understand the language and provisions of the contract clearly and in a simpler manner.
Negotiating:
- Parties may be biased in their negotiations and so hiring an attorney eliminates this bias and handles negotiations in a neutral manner to the benefit of both parties.
If you have any questions or would like assistance in regard to contract drafting, reviewing, and negotiating, please contact Meglino Law at 407-900-7440.