Some business transactions don’t require a contract, or need only a very simple one. However, if you’re entering a complicated deal, you may not have the experience to draft a well-written contract that clearly spells out the rights and responsibilities of each party. If you are conducting transactions that involve a lot of money, significant liability, and/or any recurring transactions, you may want to consult a contract law expert. These business law professionals can help you draft, review, and negotiate business contracts so that you can have peace of mind that your business interests are being protected.

Whether you plan to draft business contracts yourself or hire a professional, here are five tips for drafting and negotiating business contracts from a Brandon contract law expert.

Five tips for business contracts

  1. Prepare yourself with research. Make sure you understand the facts and figures of the contract, and any applicable laws.
  2. Know your key objectives. What benefits will your business receive from doing business with the other party? What is non-negotiable and what are you willing to compromise on?
  3. Understand the other party’s goals. A well-written and fair contract can be part of a long-lasting and profitable business relationship. Look for common ground, but don’t be afraid to stand firm over what is most important to you.
  4. Sweat the details. When it comes time to draft the contract, clearly and consistently define and use all terms. Make sure all names and titles are accurate and spelled correctly. Be consistent in tone and usage. Proofread carefully to be sure all details are correct as agreed upon. Be consistent even in the little things like fonts and formatting.
  5. Understand the contract. This seems self-evident, but some people make the mistake of signing contracts they don’t understand. You should never sign an agreement if you don’t fully understand all its essential parts.

Advantages of having an attorney review business contracts

You may decide that it’s much more cost and time effective to hire a professional to help you draft or negotiate important business contracts. If so, here are some of the things a contract law expert can do:

  • Help you define your key objectives and what you’re willing to compromise on.
  • Help you understand what is in the contract and anything missing from it.
  • Help you create a legally enforceable contract.
  • Help you avoid disputes and/or breach of contract.

Dowd Law—your resource for contract law

If you need a business attorney to write, negotiate or review business contracts in Brandon, Tampa, or Riverview, please call on Dowd Law. We can provide these services for a flat fee or an hourly rate, depending on your needs. Using the services of an experienced contract law expert will help you achieve your business goals while avoiding legal disputes.

You can reach our office at (813) 773-3529,or click here to contact us online.