Most of you—if not all—have previously entered into a contract, and most of you—if not all—did not hire a lawyer. Your reason was probably that the contract was too simple or insignificant to require a lawyer. You might have been right, but what if you were wrong? The consequences of entering into a contract you do not fully understand can be dire; therefore, you should always review any contract with a lawyer before signing it.
What is a Contract?
Simply put, a contract is a legally enforceable promise between parties. Note the phrase, “legally enforceable;” this essentially means that the parties are required by law to perform their obligations. A party that breaches the contract can be held liable to the non-breaching party for damages.
Likewise, a contract is not just a regular promise that, if you breach, will simply affect your reputation. It is crucial that you fully understand what you are promising and how you will be obligated by law to act, and one way to do this is by hiring a contract lawyer.
Specific Benefits of Reviewing Your Contract with a Lawyer
The list of benefits of hiring a contract lawyer is long, so here are five of the main ones:
1. Your lawyer will help you negotiate. A contract that is drafted by the other party might contain provisions that are unfavorable to you. Even if you are able to identify such provisions, you probably do not have the training or experience in negotiation that a contract lawyer has. Your lawyer will be able to better negotiate with the other party on your behalf.
2. Your lawyer will help you fully understanding the contract. A contract often contains legal jargons that you might not be familiar with, or even if you are, you might not know their full legal meaning or their legal implications. Since a contract is a legally enforceable promise, it is crucial that you understand exactly what you are promising. A lawyer will help you achieve this.
3. Your lawyer will prioritize you. Even if you fully understand everything that is included in the contract, you might not realize whether important provisions have been excluded. A lawyer who is well-versed in the laws of your state will be able to identify additional provisions that should be added. This way the contract can contain all the possible provisions favorable to you.
4. Your lawyer will help you respond to a breach. Contract breaches occur, and when they do, you want a lawyer who not only knows the law, but also knows the details of the contract. Naturally, your lawyer who helps review your contract will be able to provide the most effective and efficient assistance in the event of a breach.
5. Your lawyer will instill a sense of security and peace. If you are someone who understands the significance of entering into a contract, you probably will feel anxious before signing your name. After all, your signature will legally bind you to the terms of the contract. Having a lawyer who explains the process and provides assurance will help you enter the contract with more ease.
When considering whether or not to hire a lawyer, most people think about how much lawyers cost, and reasonably so. However, it is important to also remember how much benefit lawyers can provide. If you are looking for a lawyer to review your contract, call us at any time at 317-643-1813.