When you start a business, outsourcing or hiring a legal team is essential for a few different reasons. Most obviously, easy access to a lawyer can keep your small business secure if someone tries to bring a lawsuit against you. The right type of legal aid can also help you to adhere to the law in an attempt to ensure that this never needs to happen. But, you might also want to start getting that legal team to check over all your contracts.
In the business world, life can fast become one big contract. You have to sign contracts with suppliers, clients, and even your employees. The chances are that you’re expected to sign some form of contract at least once every working day. But, did you know that signing an unsavory contract could spell the end of your business efforts?
That’s because, when you sign a contract, you agree to whatever the other person has deemed to include in there. Worse, that counts as a legally binding agreement. You may find, then, that getting a lawyer to check every contract for you helps you in the following ways.
Ensuring you know what you’re signing up to
A breach of contract can be severe, especially in the business world. Something as simple as sharing information you’re contractually obliged to keep private could see you facing fines and worse. Yet, if you don’t know about these clauses, it’s all too easy to break them. As such, the first benefit of a legal check over is to ensure that you know what you’re signing up for. A lawyer will be able to pick up on things like contract length and any no-gos which could land you in hot water. Armed with that information, you can sign knowing that you aren’t going to breach those conditions.
Helping you to avoid hidden fees
Hidden fees are a nightmare, and they’re often disguised in contracts by a load of business jargon. As soon as you sign, you’ll have to pay whatever insane amounts that client has hidden in their paperwork. This applies for near enough every contract you can imagine. As can be seen from this article about the cost of doing business, even credit card processing contracts can sting you if you aren’t careful. To make matters worse, amounts like these are often ongoing. As such, the implications can be long-lasting. If you want to stay in the green, it’s essential someone in the know looks over every detail.
Spotting hidden clauses
Fees aren’t the only things hidden in contracts. Clauses can also come back to bite you if you don’t know about them beforehand. It’s not unusual, for example, for a company to withhold rights to your work, or have a sole hold over your income. Things like this could leave you unable to grow your business or even enjoy your profits. And, they’re things that a lawyer will be able to warn you about within seconds of looking any contract over.
Image Credit: Pexels.com