Entering into contracts is a serious matter, as it is legally binding. When it comes to your business, you can’t afford to sign a contract that has not been reviewed to look for any potential issues that could hurt you or your company.
To ensure your interests are protected, it’s essential to have a business lawyer negotiate the contract on your behalf. Learn how an attorney can help.
How to Prepare for Contract Negotiations
It can be easy to space out when reviewing a contract. They can be long and use a lot of legalese that is hard to comprehend. However, it’s important to not just flip through the pages and sign the contract to get it off of your to-do list. Instead, you need to hire a business attorney and prepare to negotiate the terms of the contract. You can prepare for these negotiations by taking the following steps:
- Understand your objectives. What type of agreement are you making with the other party? What is your goal with this arrangement? Why are you choosing to go under contract with this individual or company?
- Know your goal. What do you have to get out of this arrangement to make the contract worthwhile for you? What is a deal-breaker that could void the contract for you?
- Review the contract and make note of any items you do not agree with.
- Rank the items you want to negotiate in order of the most important to the least.
- Find evidence that will back up your stance during negotiations.
- Try to understand the other party’s interests and why they are fighting for certain terms in the contract.
- Discuss your stance with your attorney and understand the impact your choices can have on the contract negotiations.
How an Attorney Can Help With Contract Negotiations
It’s essential to hire an attorney to negotiate the terms of contracts. You need someone with legal expertise to help you get the best terms possible with the contract. Trying to negotiate by yourself can result in you not getting the terms you want.
Some ways an attorney can help during negotiating contracts include:
- Explain the terms of the contract and how these can impact you and your business. This will help you determine how much to push during negotiations, and what terms of the contract you want to prioritize.
- An attorney can guide you to discuss the terms of the contract with the other party before getting lawyers involved. This will help you come to terms with the main points before hashing out the smaller details during legal negotiations.
- A business lawyer can help you identify parts of the contract that leave you open to risk or liability. Your attorney can help you determine how much risk you are willing to take on, and then help you negotiate these areas and use evidence of industry best practices and what is considered fair or standard to renegotiate the terms of the contract.
- An attorney can perform research to gather evidence that supports your side of the negotiations to get you the terms you desire.
- A business lawyer will protect your best interests. If the discussions or negotiations get off-track, your attorney is there to make sure your needs are met.
- Lastly, an attorney can draw up a new contract, marking what changes were agreed upon, and send it out for signatures from both parties.
Why Hire Us to Negotiate Contracts
When you need a business attorney, let the experts at Johnstone Adams LLC represent your company. We will protect your best interests in contracts.
Ranked in the 2022 U.S. News – Best Lawyers® “Best Law Firms” list regionally in 12 practice areas, we have experts in many areas of law to give our clients top-notch representation. In business for more than a century, our firm can mix its experience with the ability to evolve with the changing times.
To get started, complete our online form or contact us at 844-682-7682 or firstname.lastname@example.org.