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Why is it wise to have an attorney draft your business contracts?

On Behalf of | Nov 3, 2020 | Business law |

If you’ve ever been online, then you’ve probably stumbled on dozens of premade contracts. As someone who runs a business, you might think that these contracts are good enough to help you as you make arrangements with other parties.

The reality is that those cookie-cutter contracts may not protect you the way you think they will. It’s better, therefore, to work with your attorney to come up with a contract that is specific to each company or individual that you’ll be working with. 

Why do you need individual contracts rather than standardized forms?

The reality is that you are likely going to need many different kinds of contracts, even if they’re similar, to address all the potential liabilities that could take place. You may want to add or subtract clauses from a contract based on who you’re working with and your history with them, too.

For example, a downloadable contract might not offer any arbitration clause. If you go with it, then litigation may be allowed as a first step to resolve a problem. If you want to protect your own interests, adding that clause in may help you prevent any lawsuit from heading to court before you can address it.

Individual contracts can be more specific than those that you’ll find online. Sample contracts can be a good place to start when drawing one up, but it’s generally better to have your attorney create a contract that is designed for your business and that is consistent with the specific state and federal laws that will apply to your business. Your attorney will work with you to make sure the newly drafted contract fits in with your needs.