As a small business owner, you’re looking for ways to cut costs. We get it. But trying to cut corners on contractual agreements can be dangerous and leave you facing the very real possibility of litigation and unwanted consequences. That may be hard to believe, especially given how easy online resources and templates make contract drafting seem.
Be careful with online resources
The truth is that most online resources are extremely flawed. Here are just some of the ways that these guides and templates may fall short:
- Your contract may not conform to state law
- Your contract may end up drafted in a way that renders it unenforceable
- You could unintentionally create a legal obligation that you’re suddenly expected to fulfill
- Your contract may have gaps that leave you unprotected
- The contract might fail to consider everything that may go wrong in the business transaction and how those issues will be dealt with
- Your contract may contain vague and ambiguous terms that will be construed against you
- Your contract may unintentionally waive certain rights and protections that you’re otherwise entitled to
Seek the guidance that you need to protect your interests
Even though creating your own contracts may seem like a great way to save money, it can actually end up being much more expensive in the long-run. This is especially true if your contract isn’t properly negotiated, thereby leaving you subjected to unfavorable terms, or if you end up accused of breach of contract. That’s why it very well may be in your best interests to discuss your contract needs with an attorney who can help position you for a successful business transaction.