How long does it take to review a contract?
Before a business enters into a contract, the contract should be reviewed by an attorney. Contract review can save a lot of headaches and money down the line if the contract is ever disputed. Depending on the type of contract involved, a review could take anywhere from about an hour to several hours or possibly longer. While some contracts are boilerplate contracts and simple to review, many are complex and contain sevderal clauses and conditions that need to be reviewed thoroughly by all parties involved so everyone understands the conditions and their responsibilities. If you are a small business that needs help with contract reviews and other legal advice, but don’t know where to start when it comes to finding an attorney, HELP Legal Plan can help you with a small business legal plan in Philadelphia, PA. Find out more by calling 888-667-6150.
What are the advantages of contracts?
No matter the size of your business, you’ll have to deal with contracts at one time or another. Even if you prefer an informal approach to business relationships, contracts are actually vital to your business because they’ll protect legal interests and make expectations clear to both you and those you do business with. Contracts will benefit you and your business in a variety of ways including:
- Clarifies relationships and agreements as wells rights of parties
- Avoids potential disputes and litigation
- Prevents any misinterpretation or miscommunication on agreements
- Protects real property, asset values, and intellectual property
- Provides better management when it comes to business relationships
- Provides a set of agreements in the way disputes are resolved either through arbitration, mediation, or in a particular court
- Provides documentation to allow contract review by an attorney
What are the 7 elements of a contract?
When a contract is written, for it to be binding it must contain these elements:
- Offer: This is the promise a party makes to pay another party for services.
- Acceptance: This means the second party agrees to provide services for payment specified.
- Mutual assent: This is a combination of the offer and acceptance. Signing the contract is mutual consent.
- Consideration: This is the payment for goods and services.
- Capacity: This is the presumed ability of the party to understand the terms, conditions, and consequences of the signed contract.
- Legality: The contract has to adhere to the laws in the jurisdiction in which it is signed.
- Written: Not all contracts have to be written but the other six elements have to present for an unwritten contract to be legally binding.
A contract review by an attorney is a proven process that ensures a contract is legal and binding.
Who performs the contract review?
While all individual parties involved in a party should read through a contract carefully, a contract review attorney can help you ensure the contract is legal and binding. An attorney that specializes in contracts can also clarify terms and conditions to make sure all parties benefit from the transaction outlined in the contract. The attorney reviews the contract to make sure everybody understands it. A review should also prevent any legal issues from occurring later on if disputes arise.
How do you review a contract?
A contract review for small businesses can consist of either a high-level review or a deeper look at the contract or both. With a high-level review, you are making sure you know what you expect out of the contract, and determining if those expectations are met in the contract. You also want to review whether all deal terms are documented and if anything is missing in the contract. Any changes you want to make need to be marked for further review. Diving deeper into the review you have to make sure all parties are identified and all terms are defined. You also want to look for terms that identify when or how the contract can be terminated. Moreover, you want to make sure all obligations are outlined for both parties and make sure payments and other forms of reimbursement are properly outlined and accurate.
How do you get a lawyer to review a contract?
Finding and hiring a lawyer for a contract review shouldn’t be complicated. Your primary concern will be finding an attorney who is experienced with contracts. If you’re running a small business and need help finding legal services, HELP Legal Plan offers several types of legal plans that can connect you with the right people for the job.
Contract review services
If you need contract review services in Philadelphia, PA but don’t know how to find the right attorney to help, you might want to consider investing in a business legal plan from HELP Legal Plan. Our budget-friendly plans connect you with the best attorneys and other legal specialists available. You can get in touch with us and find out more about what plans are available to you by calling 888-667-6150.