Why is it important that you have your attorney draft the contracts for you?
What if other parties draft the contracts you'll be entering into? What are the downsides?
Contracts are an essential part of business. Contracts and agreements define the relationships between the business and other parties such as partners, employees, vendors, contractors, customers and more. If another other party's attorney drafts the contracts, you may be missing out on these 4 advantages:
1. The party whose attorney drafts the contract is the party that will be in a position of power because they get to set the terms of the agreement to favor themselves.
2. The party whose attorney drafts the contract is the party that will gain legal and enforceable protections for their interests. If the contract is drafted by an experienced attorney, they will take every advantage they can to protect their client's interests. The party that does not have their attorney review a contract before signing may be signing an unfair contract.
3. The party whose attorney drafts the contract can ensure that that party's intentions are clear, but may ignore the intentions of any other party.
4. The contract may not be written properly. It may lack proper legal language and therefore not only not be enforceable, but it may also cause the parties to engage in disputes over the vague language.
In conclusion, prior to signing and entering into a contract, business owners should have the contract reviewed and edited by their attorney. If they can work with the other party, they can create a fair contract. Ideally, if a business owner has the time and money having their attorney draft the contract to fit their needs and be legally enforceable will place them in the best position. If they do not and they enter into a contract without an attorney consultation they may face legal issues down the road.