CONTRACT REVIEW
contract review FAQ
Why should I have a lawyer review my contract?
Terms found in contracts are not always as they appear. A non-lawyer may read an agreement with the word “will” and think it means the same thing as “shall.” Or they may see the word “chicken” in a contract and assume all chicken is the same. Or they may falsely believe the term “boilerplate” means, no customization needed. There are so many things that can trip up a non-lawyer when reading a contract. Therefore, having the expertise of a trained professional is essential.
What should I expect during a contract review?
It depends on several factors, including whom you work with. Not all lawyers are created equal. Attorneys, physicians, CPAs, and anyone providing a service have their own way of working with clients. Here is how I generally work with clients regarding the review of a contract they bring me. I say generally because there might be factors that take the situation outside the realm of typical. Here is what a prospective client can expect when working with me, I (1) offer a flat fee rate, (2) perform a cursory review to get a sense of the issues, (3) analyze the agreement more thoroughly, (4) discuss my findings with the client, (5) make recommendations. If a client requests that I offer further assistance, including negotiating the agreement with the opposing counsel, an additional fee is required.
How long does it take to review a contract?
How long does it take to review a contract?
The timeline depends on the length of the agreement, the contract’s complexity, and the client’s availability.
What information should I provide to help with the review?
I ask clients several questions designed to help me help them. Here are just a few: (1) what is the client’s end goal, (2) what are they willing to do to accomplish the goal, (3) have they entered into any prior agreement(s) with the opposing party, (4) do they have any non-negotiables regarding the contract, (5) what type of dispute resolution do they prefer.
What are some common red flags in contracts?
Vague terms, ambiguous terms, hidden fees, contradictory provisions, jurisdictional clauses that work against the client, imbalanced obligations, and so much more.
What happens if I sign a contract without legal review?
You may inadvertently agree to terms that are unfair, unclear, or legally binding in ways you didn’t anticipate.
Do I need a lawyer for every type of contract?
Consulting with a competent attorney is a choice you make. You are never required to utilize legal counsel. Many people choose not to engage an attorney. Their reasons are legion. Regardless of the reason, when you go it alone, you do so at your peril.
Contract review FAQ
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