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8 Steps to a Shatterproof Contract
The eight questions every business owner ought to ask before signing a contract.
Somebody sends you a 15-page agreement and says, "Hey, can you get this signed so we can get started?" So you open it up, look at the price, make sure the basic deal looks right, scroll down to the signature page, and sign it.
This gives you a system for looking at contracts so you're not just hoping everything works out.
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The Contract That Changed My Life
I Thought Having a Contract Meant I Was Protected.
When I was 23 years old, I was selling telephone equipment maintenance agreements for a major telecommunications company. I'd built a system that generated recurring commissions, and I was making more money than I ever imagined.
Then the company brought in a new manager. Instead of being impressed with the system I'd created, she took my territory away and gave my system to an hourly employee.
I wasn't worried at first. I had a contract. So I went to see a lawyer, showed him my contract, and waited for him to tell me what we were going to do about it.
He didn't tell me what I wanted to hear. The contract I thought was protecting me wasn't going to give me the protection I expected.
That experience is what led me to law school. More than 30 years later, I've reviewed thousands of agreements and helped clients work through disputes that could have been avoided if somebody had paid attention to what was in the contract before they signed it.
Having a contract and having a contract that actually protects your interests are two very different things.
What's Inside
Before You Sign, Ask Yourself:
Eight questions I've been teaching business owners to ask for years.
What am I trying to accomplish?
Write it down first, so you have something to measure the agreement against.
Have I identified all the important dates and deadlines?
Can I reasonably meet them, and what happens if I don't?
Are the correct parties entering into the agreement?
Are you signing only for the company, or taking on personal obligations as well?
Do I understand all the financial obligations?
Knowing the contract price and understanding how you're actually going to get paid are two different things.
What happens if somebody breaches the contract?
Who is taking the greater risk, and what happens if something goes wrong?
Are everybody's rights and responsibilities clearly identified?
Could somebody who wasn't involved in the deal understand what each party is supposed to do?
Which state's law applies, and where will disputes be resolved?
When there's a dispute, geography matters.
What process will we use if there's a disagreement?
It's a whole lot easier to agree on how you'll resolve a dispute before you're actually having one.
"The only thing worse than not having a contract may be having a bad contract that gives you a false sense of security."
Scott Reib, America's Legal Coach
A Lawyer on Your Team
You Shouldn't Have to Wait Until You're in Legal Trouble.
If you're running a business and you'd like to have an experienced business attorney helping you with these kinds of decisions before they become problems, that's exactly what we do at REIB LAW.
We work with business owners through our Access Plan, providing ongoing legal counsel so they have somebody to call when questions come up.
You ought to be able to pick up the phone and talk to somebody who understands your business and can help you make better decisions. That's what being America's Legal Coach is all about.
Learn About the Access PlanThink About the Last Contract You Signed.
Did you actually evaluate all eight of these questions? Or did you look at the price, check a few of the major provisions, and sign it because you needed to get the deal moving?
Send Me the Free eBookAttorney Advertising. For informational purposes only. Not legal advice.
This eBook isn't a replacement for having a good business attorney review your important agreements.
REIB LAW · 1801 Hinkle Dr. Suite 150, Denton, TX 76201 · 940-591-0600