Every economic interaction we have with another person or business is a contract, whether implied or written. Many of these transactions happen so fast or with such low stakes, that a traditional handshake or verbal agreement is sufficient. Some transactions require more care, which is where written contracts come in.
At its core, a contract provides two things: a clear statement of what each party is obligated to do and a roadmap for what each party can do if the other side doesn’t live up to their end of the deal. It sounds simple, but achieving the level of clarity and precision needed to protect yourself requires a skilled and experienced contract attorney.
There are many factors to consider in deciding whether it is worth it to hire an attorney to work on a contract. The biggest factor is how much value is at stake. This often means monetary value but can also mean sentimental value (some things are more valuable to us than what the market says they are worth) and can also mean opportunity costs (some things cannot be easily replaced, even with financial compensation). You should also consider what (if any) security you have in the transaction without a contract, what your trust level with the other party is (remembering that no relationship is immune from breakdown), and how much of the deal remains to be completed after the initial agreement.
Some of the most common contracts that we work on are contracts for the sale of a business (or its assets), employment agreements, non-disclosure or non-competition agreements, residential or commercial leases, form service agreements, letters of intent, and security agreements for financing.
If you are contemplating any of these transactions, or any other significant deal in your life, consider having it codified into a contract that will record the terms of the agreement and provide protection in case the relationship breaks down. Whether you need a contract prepared from scratch, need an existing contract reviewed and explained to you, or need someone to represent you in negotiating revisions to a contract, McLaud Law P.C. can provide the legal counsel you need. Call us for a free consultation to discuss your situation. Serving Rochester, Webster, Greece and Irondequoit NY.