Contracts & Commercial AgreementsEnsure you get the better end of the deal.
What Is It?
Contracts are the lifeblood of every business. Nonetheless, business owners are often so immersed in day-to-day activities that they don’t take the time to thoroughly review their contracts and commercial agreements, exposing themselves to unnecessary risk or leaving too much on the table. Good contracts and commercial agreements not only serve as a record of your deals with customers and vendors, they also reduce operating risk, lower costs, uncover new revenue streams, and expand new business relationships.
Is It for Me?
Whether you have a new business or one that has been operating for decades, change is always occurring both in the marketplace and in the law. As a result, it’s important to have a process in place to review existing agreements to take advantage of new opportunities and minimize the potential impact of new risks.
What Is Involved?
There are a number of ways we can help business owners in this area. Usually, we review existing contracts, anticipating potential issues which might arise and determining whether the contract can effectively handle the contingencies. From there, we suggest modifications to the contracts and write new policies and procedures for businesses to aid employees in negotiating and executing the contracts. However, we can also directly negotiate agreements between your business and third parties with you or on your behalf, helping you maximize your bargaining power and ensuring your interests are protected.
What if I Do Nothing?
You can use contracts and commercial agreements for your business using forms on the internet or contained in software packages, but does the form fully capture your agreement with the customer or vendor? Will it help you or hurt you from a litigation standpoint if the agreement is breached? Does the agreement fully protect your rights and interests? Is everyone in your business using the agreement in the same way? If you can’t answer those questions with complete certainty and confidence, we can help you find those answers.
Can I Do It Myself?
The only business that could operate with an attorney reviewing every single transaction it makes is—well, a law firm. Our goal isn’t for you to consult us on every contract or commercial agreement your business makes; we want to help your business develop solid agreements as well as clear policies and procedures regarding their use to help you and your employees use the contracts on a day-to-day basis with confidence.
How Much Will It Cost?
The cost is largely determined by the complexity of the contract or commercial agreement and the amount of involvement we have in negotiating the agreement. For contract review and drafting work, we will quote you a flat fee before any work is completed. For negotiations, it’s difficult to determine how long the process will take, since third parties are involved. As a result, we do hourly billing not to exceed a flat fee. The majority of our work in this area is in the $500-$1,000 range.
Where Do I Start?
Make a list of the major contacts or commercial agreements your business uses on a day-to-day basis, like sales contracts, letters of intent, employee agreements, and the like. Then, give us a call at 704-325-9325 to schedule a consultation. We’ll talk about your business, review your agreements, and answer any questions you have. Then, we’ll work together to develop contracts for your business that maximize value and protect your interests while reducing risk.
Author: Nathan Workman
|