Whether you're looking at an agreement presented to you by another party or one you plan to propose to someone else, a contracts attorney can give you a better sense of how to see that your rights will be protected. The profession covers a range of questions that can come up during a deal, including compliance with local, state, federal, and even international regulations. While you may never need to defend or question the terms of a contract, it's good to know that you'll be in a position to do so. A contracts lawyer can help steer you clear of trouble in these 5 ways.
Staying in compliance is a tricky business, especially when violations on the part of another party may end up getting you in trouble. Your contracts attorney can draw up terms intended to protect you from complaints ranging from occupational discrimination to breaking trade embargoes.
Few things in the legal world are as dangerous as ambiguous terms. In most instances, ambiguous language is considered to disadvantage whoever drew it up. Your contracts lawyer can spend time working through the logic of a proposal to ensure that all statements contained within are clear. It's better to spend a week nitpicking than to end up with a messy deal.
The words of a contract mean little if a clear and executable enforcement mechanism isn't put in place. You and the other party may look at everything from binding arbitration to assessment of penalties in order to ensure full compliance. Terms should also be put in the contract to determine where and how any case arising from a dispute will be arbitrated or litigated.
Deciding how the fulfillment of a contract's terms will be defined is critical. Very specific figures need to be included in most deals, and it also needs to be possible for both parties to verify that the contract was fulfilled. In some cases, it may even be necessary to agree upon a third party to provide accounting for the deal.
It's common for a contract to stipulate certain costs. For example, a third party, such as an accounting firm, may need to be hired to keep tabs on all the transactions governed by a deal. Fees may also be accumulated for a variety of other reasons, such as wire transfer costs. Both sides should be clear about who pays what fees.