Commercial contracts solicitors are an indispensable expense in business. For every deal, every handshake agreement, there should be a written agreement or a legally binding contract drafted by a solicitor. But many are afraid to be incarcerated in a contract with all the legal jargon leaving you bewildered. You may not know this, but not all contracts need to be signed and not all contracts need to be legally binding. So, when should you realise you need a contract? It’s very simple. You ring a solicitor who specialises in your area (corporate, commercial property, residential property, wills, business, fintech, etc) and explain the situation. Your solicitor will then tell you why you need a contract to seal the deal and protect all aspects of your business. Your commercial contracts solicitors will explain what should go in the contract and will help you explore all avenues – what will go right, what’s likely to go wrong, what’s fair and unfair for all parties involved, and how you should protect yourself. You will also need a commercial contracts solicitors to be frank and reliable in relation to fees, thus helping you manage your budget for all legal expenses. The process is simpler than you think and your first consultation is free.
A legally binding contract can sound intimidating for some but that is because you don’t know yet what’s involved in drafting a contract with the help of a solicitor. You hear people frustrated and sometimes in dire straits because of a contract’s disadvantageous wording in the small print area that they misunderstood or didn’t read. But your solicitor will guide you every step of the way, so even if there’s a small print area in your contract, you’ll probably know the wording by heart. No contract should have a disadvantageous small print area anyway. Contracts should lay it all out in the open. What is the purpose of the small print area, if not to deter the client’s focus and sometimes trap them? It certainly isn’t there to save space on a page.
Legally binding contracts can sound intimidating if they’re not in plain English. If the wording of a contract sounds or looks daunting, your solicitor will explain in detail what all those legal terms actually mean in plain English. Your solicitor will clarify any parts of the contract or words you are either unfamiliar with or uncomfortable with, and also what the contract actually says. This will result in your confidence in moving ahead with your business deal, sign the contract if needed, and present it to your clients, shareholders and partners. For instance, terms such as Rights and Obligations are contract terms that you will become familiar with when you first speak to your solicitor. You will be explained key aspects of your business contracts, such as payment term rights and service obligations. You need to have it simplified for your own understanding, peace of mind and confidence in your business contracts, but also have the wording made simple for your clients to read and be equally confident in your business. If you ensure clarity in your contract’s legal jargon, ascertaining the essential ‘who’, ‘why’, ‘what’, ‘when’ and ‘where’, your contract will be managing risks on both sides of the deal and giving all parties the assurance that they are dealing with a responsible, conscientious professional. By Sandra Garcao
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