I always think that it is a good idea to run a contract by your lawyer, spending a few bucks on solid legal advice can save you from costly (in time and money) pitfalls which a lawyer can help prevent.
What you need to look out for next time you are considering signing a contract:
- time period: start and end- and whether there are escalations in charges
- how it ends- notice? breach? other trigger events?
- is it renewable and what the terms of renewal are
- formalities- such as whether amendments must be in writing
- penalties! make sure that you are comfortable with the ones being imposed on you
- what happens if… (as we have seen in this Covid-19 situation, crazy things can happen)
- both parties’ rights and obligations
- whether the material points are covered
- are the goals (aim) of the contract being clearly set out?
Don’t be pressured into signing that you are not comfortable with or do not understand!
Why is there a picture of whisky? Because entering into a contract is a leap of faith in yourself, the other party and the common goal.