Business contract attorneys carefully craft detailed contracts filled with complex legalese that have the potential to confuse even the most seasoned business owners. Ask the top entrepreneurs about the importance of hiring a New Jersey business contract attorney to review contracts PRIOR TO signature and you will find most are adamant that the analysis was not only economical but also helpful in advancing business interests.
Exercise Patience Before Signing Business Contracts
Attorneys have developed a reputation for delaying or completely ruining potential business deals. Though it is certainly true that some business contract attorneys hinder the progression of contracts with extensive analysis of the document’s language, the intensive analysis is justified. Oftentimes, such in-depth analysis reveals linguistic missteps that might seem relatively subtle and minor yet matter a great deal.
Resist the temptation to assume your New Jersey business contract attorney will kill a deal simply because it is within the realm of possibility, move forward with optimism and keep an open mind when your attorney highlights points of concern. In some instances, contractual amendments will suffice. In other instances, redrafting an original contract with new language will be necessary.
The worst-case scenario is the analysis of a proposed contract resulting in the termination of the deal prior to signature. However, an experienced New Jersey business contract attorney is willing to explore all potential solutions before ending talks altogether and eliminating the potential for a mutually beneficial legal agreement. The bottom line is there will likely be friction at some point during contractual negotiations. Experienced business law attorneys as well as entrepreneurs agree it is better to engage in arguments while the original contract is being hammered out rather than wait until problems arise down the line.
A business law attorney’s contract analysis provides suggestions for linguistic alterations or even a potential strategic delay prior to signature. The implementation of significant alterations are likely to make the proposed deal less appealing to the other side yet the alternative has the potential to equate to negligence. Negligence is a term used in the context of law to refer to a party’s failure to fulfill his or her duty of care to others.
Business Contract Basics
Business contra
cts are not considered to be legally binding unless they have each of the elements necessary for legal validity. The essential business contract elements are offer and acceptance, mutual assent, legality, capacity and sufficient consideration. It is possible for certain substitutes to satisfy the elements of business contracts in varying jurisdictions.
Business contracts are remedied through legal means strategically selected b attorneys. Examples of potential legal remedies in the aftermath of a breach of contract lawsuit include reliance damages, specific performance, consequential damages and general damages. In short, legally binding contracts require mutual consent of both parties along with a sincere promise to fulfill the contractual obligations.
Avoid Bad Contracts – Enforceability
The best legal contracts are enforceable. Sign your name to a business contract that cannot be enforced and you might pay a steep price in the months or years ahead. Instead of rushing into a business agreement with another party, take your time and recognize that the advantages of having an attorney review business law contracts outweigh the few potential cons. Each party to the contract must have the ability to comprehend the information presented in the document.
If it is determined that one side was forced to sign the contract under duress or simply lacked reasoning capacity, the contract might not be enforceable in a court of law. Furthermore, misrepresentation, unconscionability and failure to disclose certain information during negotiations can cause conflict down the line. Undue influence, meaning another party pressuring one side to enter into the deal or add certain language also makes it difficult to enforce contractual terms.
Secure More Favorable Terms with a New Jersey Business Contract Attorney
The nuanced terms of a business contract are its meat and potatoes. If you were to poll business owners and managers who relied on templates printed from the web for business law contracts, you would find that those documents contained faulty language and also language that is generalized rather than specific to the nuances of the matter in question. New entrepreneurs make this costly mistake all too often. They’re being proactive, but these cases can turn on a word. Template contracts fail business owners over and over again in New Jersey Courts.
The spelling, punctuation, word choice, legalese and other subtle nuances of your business contracts really do have the potential to make the difference between a contract that proves fair and one that sabotages your company’s interest.
How to Define Performance/Set Expectations
The contractual language that defines the performance or value provided by each side sets expectations to be fulfilled. The failure to accurately define the performance and set expectations within the language of the contract ultimately creates an opportunity for opposing counsel to exit the contract at some point in the future as a result of its unnecessarily vague language or other errors.
Ambiguous terms also present an opportunity for a judge to subjectively interpret clauses, stipulations and other contractual components in a manner that benefits the other party to the agreement. Expectations also entail fees and language that details reasons for terminating the contractual agreement. This information is included within the performance definition and expectations period that occurs before signatures are added. Lean on your business law attorney for guidance in defining the expectations, performance and the overarching scope of the agreement and you’ll be empowered to focus on your business.
How to Get Out Cleanly
There is a common misconception that the vast majority of business law contracts are fair and fulfilled exactly as promised by both parties. Your New Jersey business contract attorney plays a vitally important role in guaranteeing you can exit the contract as cleanly as possible, meaning with minimal or no financial and legal obligation.
As an example, the best business law contracts include a stipulation or a clause that sets the stage for the legal analysis of an injury, be it in the form of physical harm or economic loss. If a party to the contract contests the agreement for an alleged breach of contract or other supposed flaws within the language of the agreement, business law attorneys are responsible for ensuring the document is compliant with the law and enforceable.
Please hire a New Jersey business contract attorney to review your business contracts. Whether you decide to call our firm regarding your New Jersey business contract matter or another firm, I hope you build contract reviews in your operations plan. It’s a small investment that will save you substantial money and grief in the long-run.
For a no-obligation consultation regarding your business contract matter, please reach out or call me now at 201.342.1700.
