Business contracts can have a huge impact over time on the ability of your company to do business with another. Considering that, a good amount of time and energy should go into the process of getting them right the first time.
To help with this, follow the five tips below that will help you get organized and ensure no costly mistakes are made: make it a point to contact a law firm before getting too much done on your own, always emphasize transparency between the parties involved, avoid legalese whenever possible, promote standardized forms and processes when possible, and don’t rush to complete the contract without understanding it.
Contact a Law Firm First
Before doing much with your contract, contact a law firm that specializes in business litigation. This will be your first wise decision, because even a short meeting with these folks will head you in the right direction, and it will show that you’re being professional about it to the other parties involved as well. The cost benefit is entirely in your favor when it comes to taking this step, and you can save yourself a lot of time and money by doing this first.
Emphasize Transparency Between Parties
These days, being sneaky isn’t going to help you out. If you approach a business contract as a way to pull one over on another person or company, you’re going to be found out, and you’re going to lose potential clients. Promote transparency with every meeting and with every piece of e-mail and paper communication. This is the best way to achieve everyone’s desired end result.
Avoid Legalese When Possible
Being familiar with legalese is important to protect yourself. That said, when it comes to modern business contracts, try to avoid it at all times. It is confusing, and if you present people with what looks essentially like gibberish, they are immediately going to take issue with the fact that they won’t know whether or not to trust you, simply because of language choice.
Promote Standard Forms and Processes
Find standard business contracts. Use them. Modify them if necessary, but keep the general format and nuts and bolts the same. This will help people read and understand them, and in the event of legal recourse in the future, there won’t be any consideration as to if the original contract was totally legitimate or not.
Don’t Rush the Occasion
It might seem like business contracts are a lot of work. However, by putting in the effort early in the process, you’ll be saving yourself time, energy, effort, and money. Many contracts are more in line with preventative maintenance, so all smart companies are going to remain protected from the get go.
Originally posted on August 11, 2015 @ 6:59 am