Contract Review and Drafting

Have you ever found yourself struggling to decipher an important contract or legal document? Well you’re not alone; in fact, without the benefit of a legal education most people can’t properly parse the complex language used in these documents. While your average person may not be able to dissect a contract on their own, they certainly understand that when dealing with these legally binding agreements you need to know exactly what you’re getting into before you sign on the dotted line.

The obvious solution to this common quandary is to simply get help from someone who speaks the legal language, an option which is often more affordable than one would expect. Contracts are an attorney’s bread and butter, drafting them for a client can be simple, reviewing them is often even simpler and it will certainly be worth the peace of mind you’ll get from retaining the services of a professional.

Purchase Agreements

One of the most common contracts is a purchase agreement. When purchasing something valuable it is always a good idea to create a purchase agreement to record the terms of the deal. However, it is important to know that in order for a contract like this to be valid, it must meet certain legal criteria.

First, there must be an offer. A offer is an invitation from one party to enter into an agreement including certain terms, like price, quantity, location of the goods and so on. After the initial offer, the other party will have a chance to make a counteroffer. Once participating parties have agreed upon the terms of the contract there must be formal acceptance by both parties. Finally, there must be consideration. Consideration is a legal term which essentially refers to what each party will receive in the exchange. For example, when you purchase a car, the purchase price is your consideration to the car dealer, and the car is the consideration from the car dealer to the buyer.

While this may sound like it’s just a fancy way of describing the steps taken in any rational exchange between a buyer and seller, putting it all into a legally enforceable contract is task best left to a professional. Having the assistance of an attorney to draft or review your purchase agreement is the best way to ensure that your contract is properly executed and legally valid.

Partnership Agreements

Partnership agreements are another common type of contract which should be drafted by an attorney. A partnership is a written agreement between two people who want to start a business together, which includes a lot more than simply agreeing on a name for the company. The agreement must outline each partner’s specific duties, determine how profits and losses will be distributed between the partners, and outline other ministerial tasks like financial reporting, withdrawals or contributions of capital.

If you are thinking of forming a business with your friend or a colleague, a partnership agreement is a must. Without this important document, you can find yourself struggling to get your business off the ground without any agreement as to what each of you are supposed to do within the company or how you are supposed to be paid for your efforts. Having an attorney to draft a partnership agreement is an important step in starting your business off on the right foot. It allows you to sit down with an impartial third party to make important decisions about how your business will be run. Pushing past the partnership agreement while you are caught up in the excitement of starting a new business can be temping, but will likely prove detrimental to your success in the long run.

Whether you need help with a partnership, purchase, of indemnity agreement, we have the expertise and experience you need to ensure that your interests are protected.
Schedule a consultation to speak, free of charge, with an attorney who can help.