Legal agreements and contracts act behind the scenes in our daily lives, helping protect both business owners and the public. While it can sometimes be tempting to just sign at the bottom of a contract for goods or services without reading it, doing so could legally bind you, obligating you to terms you aren’t prepared to meet. Similarly, if you are asking someone else to sign a contract, it is important that the contract protects your interests adequately.
When Contracts Should be Reviewed
Both parties to a legal contract or other agreement should have the opportunity to have their own attorneys review the agreement prior to signing it.
Similarly, if an agreement that has been in place for a period of time is up for renewal or re-negotiation, the parties’ attorneys should review the terms of the agreement again at that point. Sometimes, there are changed circumstances or changes to the law that could affect the contract’s provisions that might warrant careful consideration.
What Does a “Good” Contract Look Like?
There is not any single template or format for a “perfect” contract; the provisions to include in any contract will depend on the underlying circumstances, the sophistication of the parties and the type of goods or services covered by the agreement.
Generally speaking, a good contract is one that clearly identifies the parties to the transaction, establishes consideration for the agreement, defines terms used in the agreement and clearly spells out the terms and obligations of each party. Contracts should also specify how, and under what circumstances the agreement can be terminated, and what happens if one party fails to uphold their end of the agreement.
An experienced contract law attorney can help you make sure your contracts meet these standards.
Get Help with Contracts from The Law Offices of Jennifer M Smith
Never sign a contract or legal agreement without being comfortable and confident that the contract is fair and that your rights and interests are protected. Chicago contract law attorney Jennifer M Smith helps clients by reading and reviewing legal documents before those documents are signed. If there are contract provisions that are not clear or if the terms are not in her client’s best interest, this review can help avoid later frustration and potential damages.
If you are in Chicago or its Southern suburbs and need help with a legal contract, contact The Law Offices of Jennifer M Smith in Chicago today at (312) 752-7123.