For many Colorado business men and women, contracts are a part of daily life. However, a simple oversight or misstatement can turn an ironclad deal into a future liability. By seeking expert-level assistance with complex business contracts, business owners and operators can protect themselves as well as their consumers, employees, products and brand.
Protecting yourself begins even before contract negotiation begins. Understand what you need and want, as well as what your rights under law are. At the same time, you must be prepared to negotiate and make concessions, and you should not get caught up in details that are irrelevant. Concentrating on the important deal points and keeping a long-term strategy in mind increases the chance at negotiation success.
One thing many business professionals lose site of when negotiating contracts is protecting themselves legally. It can be easy to get caught up in the negotiations and pushing for what you want or what will be best for your company now. It is even easier to leave out an essential detail that could open the door for legal troubles in the future.
By working with a legal expert who has knowledge of both your business needs and contract law, you reduce the chance that such a mistake will be made. Legal work involved in contract law can include advising clients on details or amendments as well as reviewing a contract for legal points. Sometimes, even something as little as a misspelling or wrong word can change the legal meaning of a passage, making a detailed review of contracts essential. A good contract clearly dictates both the responsibilities and the rights of each party, leaving no room for future misinterpretation.
Source: Wick & Trautwein LLC, “Drafting a Business Contract in Colorado or Wyoming” Aug. 29, 2014
