The Importance of Having an Attorney Review your Business Contracts
Anyone conducting any type of business enters into contracts on a regular basis, even if they are unaware of doing so. A contract is a legal agreement between two or more parties that creates rights and imposes obligations on the parties to the contract, and disputes often result in complex commercial litigation. Almost any type of conceivable business transaction involves a contract, even if it as informal as a verbal agreement to provide goods or services for a particular price. Of course, many business transactions and agreements are formalized through a written agreement that documents its terms. Because of the complexities of contractual language and contract law generally, it is important for anyone who regularly enters into business contracts to retain an attorney familiar with Florida law.
Careful Contract Review can Avoid Serious Issues
Contracts can often be complicated and difficult for people without formal legal training to understand. In addition, there are certain issues that a well-written contract should address of which a non-attorney may not even be aware. Some of the common issues that arise in many contracts include the following:
- Missing terms or clauses – One of the more common issues that arise in contracts is unclear or missing information regarding the basic details of the agreement. An attorney will ensure that any contract into which you enter clearly identifies the people or parties who are involved, the nature of the agreement, any payment that may be at issue, or good or services that are to be provided
- Choice of law provisions – An important issue that should be addressed by any business contract is which state’s law will apply in the event of a dispute as well as where any legal action must be brought. These clauses are extremely important in situations in which the parties to the contract are in different states, as litigating a dispute from across the country may be cost-prohibitive and significantly impact the feasibility of bringing an action.
- Alternative dispute resolution – Many contracts have clauses that require the parties to engage in mediation or arbitration before bringing a legal action. Sometimes, these clauses state that the outcome of any alternative dispute resolution is binding. For this reason, these kinds of clauses can have a significant impact on the ability to litigate any contract dispute that may arise.
- Attorney’s fees – The party that will be responsible for attorney’s fees in the event of a dispute is often part of a contractual agreement. These clauses can have a significant financial impact, so it is important to ensure that they are clear and accurately reflect the agreement into which the parties would like to enter.
Contact a West Palm Beach Business Litigation Attorney Today to Schedule a Consultation
It is extremely important for business owners who operate in any industry to retain an attorney to review the contracts into which they enter. The West Palm Beach business litigation lawyers of Pike & Lustig, LLP are committed to providing Florida businesses with solution-oriented legal counsel and representation. To schedule a free consultation with one of our attorneys, call our law firm today at 561-855-7575.
