When you own a business, contracts become one of those necessary parts of life, and for the most part, the contracts are fairly easy to navigate. However, some types of contracts are a bit harder to manage without the help of someone with legal knowledge of such documents. Therefore, there can be times when you have to hire a contracts attorney to help you navigate through the process. Knowing when to expect to have to get professional help with creating or negotiating contracts helps you plan accordingly. Take a look at some of the common contract situations that will require a contracts attorney for help.
Hire a contract attorney if you will be creating a multi-party contract.
Multiple-party contracts involve more than two different parties. For example, if you own a retail store along with four other people, your business partners will likely enter into several contracts with you as your business grows and expands. Multi-party contracts can be far more complicated than two-party contracts because there can sometimes be different outlined terms and stipulations for every party that is involved or mentioned in the document. Plus, the more individuals that there are involved, the harder it can be to negotiate the incorporated terms.
Hire a contract attorney if you are recreating a previously verbal contract.
Verbal contracts can be almost as good as a written contract in some situations. However, most business contracts should be more form and documented in writing. If you started your business and had a verbal or oral contract with another party, it is best to transition that contract into written form. This process can take a lot of professional attention to ensure both parties agree that the terms of the new contract are the same. When done properly, the old verbal or oral contractual agreement can be formally voided and the new contract will be legally upheld.
Hire a contract attorney if there was a previously contested contract.
Say you had a contract in place, but the party who agreed to that contract initially faulted on the contract and was able to legally do so because the contract was voidable in court. In these situations, before you start the process of creating another contract, it is critical that you bring in an attorney for help. You already know from past experience that the other party entering into the contract could later change their mind and not hold their end of the deal, so keep the new contract airtight with the help of a contracts attorney.