Contracts 101

Contracts have worked their way into almost every aspect of our lives. Every time you click on the word “AGREE”, you have accepted the terms of some contract which few of us would ever bother reading. To get a new phone, you sign a contract, to buy a car, you sign a contract. For these types of contracts, there is little or nothing which is negotiable. You either agree or you do not agree. If you want whatever is being offered, you agree.

Business and employment contracts, on the other hand, do have room for negotiation. If you are buying or selling a business or if you are working under an employment contract, or employing people under an employment contract, details are everything. As a Judge once told me, “words matter”.

When something is important to you, read the contract. Understand what you are signing. If anything is unclear, or if you have any doubt as to what something in that contract means, run, don’t walk to your attorney’s office BEFORE you sign. A legal review before you sign will put your mind at ease and will potentially save you huge amounts of money. Lawyers make a lot more money trying to fix problems than we do addressing issues before problems arise.