Contract negotiation is a common practice for business owners and executives.
Sometimes experienced executives feel confident handling a routine negotiation. However, not all business transactions are the same. Sometimes you need the assistance of a seasoned legal professional.
Drafting and reviewing
Objective, informed opinion in the negotiation process is not the only benefit of hiring an attorney for a new contract. They can also offer invaluable services in the drafting and reviewing phases. During contract drafting, an attorney will:
- Search for potential loopholes
- Protect the objectivity of the contract to ensure that it accurately represents each party’s intent
- Offer specialized legal insight
- Verify the validity of the contract and ensure its enforceability
In the reviewing process, they know what to look for and can expose issues more thoroughly than a person of lesser experience.
Benefits outside of legal expertise
Some important characteristics of a contract attorney include:
- They will defend your position and convince the other party to accept your reasoning.
- They have a vested interest in your success.
- They can distinguish areas where you might have leverage and discern your weaknesses to help you improve.
- They have an updated understanding of constantly evolving court decisions and statutes.
Beyond their legal expertise, attorneys that handle contract negotiation have experience in many different industries. You can easily find representation that understands your specific field.
Everything your attorney does is in an effort to protect your rights and interests. Additionally, signing the contract does not end your attorney’s participation. Contract disputes are sometimes inevitable, and you may need representation when those issues arise.