No matter what sector your business operates in, you are going to have to handle contracts at some point. They are a necessary part of your operations, be it a contract with an employee or a new deal with a supplier. As a result, you need to make sure that these contracts are as airtight as possible. Having your solicitor look over them is often a great move. Let’s take a look at why it is so important that you have a lawyer take a look at your contracts.
One of the most important reasons to head to a lawyer will always be a check your compliance in certain issues. For example, if you are aware that some laws regarding employment have changed recently, you might want to get them looked over by experts in employment law.
Solicitors are the experts, and they are able to stay up to date with the changes constantly taking place within the world of employment law. As a business owner, many of these compliance issues will apply to your company. Before issuing a new contract to anyone, have a lawyer look it over to ensure that everything is up to date.
Of course, many employers – particularly when they are new – are reticent to take out a retainer until they are able to answer the question, how much do solicitors charge? There is plenty of scope for smaller businesses, however, as hourly rates can still be opted for over and above a retainer as your business moves through the early stages of employment.
In addition to compliance issues, a lawyer might also be able to suggest improvements that you could make. Many try to initially draft their contracts themselves. However, the issue here is that there might be key clauses that are left out, or they might not be as strong as they could be.
By giving the contracts to a professional lawyer, they will be able to make improvements to the existing legislation to make it even better. You want to ensure that all of your contracts are as tight as possible for the most benefit to your company.
You might want to seek the advice of a lawyer not just when you are issuing contracts but also when you receive one. If you are not familiar with legal jargon, it is always a good idea to have an expert look things over.
Though we want to go into business with an open mind, there is no guarantee that a potential partner or supplier might slip a term in that you are not happy with. However, your lawyer should pick up on it when they review the document and can bring it to your attention. Having that extra reassurance in place can bring peace of mind to many.
No matter if it is just a small agreement with a new supplier or a big deal that could change everything for your company, you need to make sure that you have a lawyer look over the contracts at some point. It might not even be for a deal – it could be before you hire a new key team member. Whatever the reason, having a second appraisal of a contract before you either sign it or issue it is always going to be helpful.
Danis Woods in Businessman, investment banker and stock exchange traders. On the same time he loves writing financial blogs to shed lights on different aspects that new and existing businessman are not aware of.