KNOW THE CONTRACT YOU ARE ABOUT TO SIGN

DIY'd a contract? it could come back to haunt you.

Imagine this. You’re in a courtroom getting sued. You’ve done nothing wrong, except sign a contract you did not fully read nor comprehend. Now, your choice to DIY a contract has come back to haunt you, causing expensive litigation.

This unfortunate scenario is not a tough one to dream up. It happens all the time. In an effort to save money, people sign contracts that don’t offer them safeguards and don’t protect their rights. 

Alas, this does not have to happen to you or your business! The legal experts at Khinda-Wilson have compiled a few insights to help make clearer, the murky waters of signing contracts…

YES. CONTRACTS ARE NECESSARY.

Contracts are necessary to spell out exactly what is being agreed upon by each party. This helps to prevent misunderstandings.  An attorney can review a contract as well as draw-up a contract.

An attorney’s role in contract review is to inform you of the following:

  • Exactly what you are agreeing to be responsible for
  • What the other party is obliged to do
  • Terms that may be unfavorable
  • What the consequences are of breaching the contract
  • How conflicts should be resolved
  • Termination rights of each party

Choosing not to invest in an attorney’s advice can have devastating legal consequences – many of which can contribute to a company’s closure or an individual’s bankruptcy. This is especially true for small businesses that tend to have very little or no exposure to contracts and contract negotiations.

YOUR SIGNATURE MEANS YOU UNDERSTAND

“By signing below, you understand and accept the terms and conditions set forth herein.”

Those are very weighty words – and even more so when the signee doesn’t understand at all.  It is legally irrelevant to the court when one party declares, “But, they said everything we discussed is covered.” or, “They just told me to sign it.”

Unscrupulous people prey on the fact that many don’t read lengthy contracts nor seek legal contract advice. When one skims over terms and conditions not fully understood, it is possible your signature will act as your agreement to the exact opposite of what you wanted.

BE SMART. BE PREEMPTIVE.

Money spent on an attorney for contract negotiations is money well spent. Contracts govern business dealings. They should offer peace of mind by making the relationship a profitable and positive one for both parties involved. Qualified attorneys are preemptive in their capabilities. They act to inform and assist - avoiding legal issues and court proceedings before matters spiral out of control.

*KHINDA WILSON LLP CAN HELP WITH YOUR CONTRACT

The right counsel provides the client with a full 360 degree view of all possibilities. Khinda-Wilson is a transactional “deal making” practice, as well as a litigation practice capable of providing that crucial multi-faceted view. We are experienced at crafting agreements to fulfill what the parties want. Then, should future contract modifications be required, Khinda-Wilson is there to amend, and confirm with all involved. 

CONTACT US TO SCHEDULE A CONSULTATION

*The information presented in this article does not constitute legal advice, attorney-client relationship, nor tax advice.

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