Why Should An Attorney Draft A Contract?

Should I have an attorney draft a contract?

Yes, no two companies are exactly alike. They are different in the:

  • Ways they operate their business
  • Assets and liabilities
  • Technology
  • Risk levels
  • Experiences with handling problems
  • Want different things from the deal

One contract cannot cover all the differences.

An attorney can draft a contract that meets your individual company's needs, considering factors such as:

  1. How your business is operated – structured, unstructured, attention to detail, arbitrary, record keeper or not, incorporated, partnership, sole proprietorship, LLC, licensed, etc.
  2. What is your niche – how your company is different than your competitors and what is most important to you.
  3. Details of the deal – what do you want and what does the other party want?
  4. What do you know about the other company – their reputation and prior dealings
  5. What could go wrong in the deal
    • not paid
    • delivered late or not at all
    • Product does not work right
    • Warranty
    • Risk of liability, etc.
  6. What is the likelihood of something going wrong?
  7. What do you want to happen if something goes wrong?
  8. Understanding general terms of a contract and whether or not to include them:
    • Indemnity provisions
    • Arbitration or mediation
    • Attorney fees clauses
    • Assignment
    • Warranties
    • Confidentiality
    • License requirements and
    • Other government requirements

A qualified attorney understands that every company is different, and the contract should be drafted to meet the needs of your individual company.