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
- 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:
- How your business is operated - structured, unstructured, attention to detail, arbitrary, record keeper or not, incorporated, partnership, sole proprietorship, LLC, licensed, etc.
- What is your niche - how your company is different than your competitors and what is most important to you.
- Details of the deal - what do you want and what does the other party want?
- What do you know about the other company - their reputation and prior dealings
- What could go wrong in the deal
- Not paid
- Delivered late or not at all
- Product does not work right
- Risk of liability, etc.
- What is the likelihood of something going wrong?
- What do you want to happen if something goes wrong?
- Understanding general terms of a contract and whether or not to include them:
- Indemnity provisions
- Arbitration or mediation
- Attorney fees clauses
- 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.