You don’t necessarily need a lawyer to write a contract. You just need a meeting of the minds between you and the other party. Yet a good contract contains a lot of details. For example, it might specify whether you will go to arbitration or court if a dispute arises. Or, it might spell out the difference between a material breach and a minor oversight.
It’s easy to sign off on a contract with the assumption that no dispute will arise. That’s the way most people proceed. A good contract will not only help you deal with any disputes but can prevent one from arising in the first place.
It’s also easy to assume that a contract structure that has been working for you will continue working for you. Why ask an attorney to review your contracts and real estate purchase agreements regularly?
The cost of a dispute is much higher than the cost of a review
As they say, an ounce of prevention is worth a pound of cure. That is especially true when the cost of the cure is high. An attorney who has a background in contract disputes can help you see things coming that you might not see for yourself.
A legal eye is different from a business eye
When you’re a business owner, it’s easy to see the contract through a profit and loss lens, not a risk reduction lens. Your lawyer can zoom in on the important details without being distracted by other factors.
If you miss something, you have no recourse
If you try to review your contracts and agreements yourself, you could miss something that could cost you in a dispute. If that happens, you will have no one to complain about, or sue for damages.
The other party will probably have a lawyer
If a contract is drafted exclusively by one side, it will almost certainly be written to benefit that side. You need a lawyer to protect your interests, too.
You’re not an expert
Chances are, you have had to write up contracts on your own. If you own your own business, you may have negotiated and drafted contracts for some time before hiring a lawyer became feasible. Yet when it comes down to it, you may be missing things that could be critical to success. You don’t bring in an air conditioning specialist when you need a plumber. Hire an expert.
You may not see an immediate return on your investment from having your contracts and agreements reviewed. If you ever run into trouble, though, the return could be tenfold or more.