What to look out for in a contract

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:

1. time period: start and end- and whether there are escalations in charges
2. how it ends- notice? breach? other trigger events?
3. is it renewable and what the terms of renewal are
4. formalities- such as whether amendments must be in writing
5. penalties! make sure that you are comfortable with the ones being imposed on you
6. what happens if… (as we have seen in this Covid-19 situation, crazy things can happen)
7. both parties’ rights and obligations
8. whether the material points are covered
9. 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.