As a business owner, you are likely going to have to work with contracts. These range from general employment agreements and severance plans to non-compete agreements.
How to sleep better
A valid contract is a safety net — something you know you can rely on. But that peace of mind only comes from a properly drafted agreement. When executed correctly, it is legally binding. If there are disagreements in the future, you have a rock to fall back on — something objective that offers an already agreed-upon resolution.
Can you make your own contracts and not have them reviewed? That's your decision. But what happens when you learn your contract isn't admissible in court? Even if it is, is there room for interpretation — a gap that lets the other side argue it reads in their favor? Contracts alone don't give you peace of mind; effective, well-written ones do.
Reasons to create contracts
Beyond peace of mind, you should always strongly consider having an attorney review your contracts so they work for you — expressing your intent and protecting your interests. You can also have an attorney review a contract for one specific issue.
Entrepreneurs who develop software or intellectual property may seek funding or investments. If you receive an offer and a contract, an attorney can answer questions — for example, how much ownership you still have in your IP if you sign. If you're asked to sign a non-compete, your lawyer can explain what it means and how it affects your future decisions.
Consider your needs
Established owners may already understand what they need; a new entrepreneur might need a contract created, while someone else needs one updated. Smaller businesses won't likely have in-house counsel — but that doesn't mean you can't build a strong relationship with an attorney who works with you and your business, and becomes a true business advisor.
Maxwell Dunn is more than a group of business attorneys — we're trusted advisors for you and your business. If you seek a professional business law attorney who can protect your company, contact us to schedule a consultation.
Talk it through with us
Have a question about your situation?
