What Should you Look for in a Contract?

Looking at the detailsWe have all heard that it is important to read a contract before you sign it. However, many contracts are full of legal mumbo-jumbo that doesn’t make sense even if you do read it. Yet, the law assumes that when you sign a legally binding document, you have read and understood it. As a result, if you read a contract and you don’t understand its terms, it is important to ask questions or seek the assistance of a lawyer before putting your signature on it.

You should never rely on oral promises that are used to persuade you into signing the contract. The entire agreement must be contained in the written document because it will be controlling. This includes all types of contracts including purchase orders, employment agreements and any other type of agreement.

It is also imperative that you keep a copy of any contract that you sign. Failure to do so could result in the other party trying to take advantage of you. Additionally, it is difficult for you to verify that the other party is keeping its side of the agreement if you don’t have a copy of the agreement.

There are many different types of contracts, but below are a few suggestions for items that should be outlined in your agreement:

  • The full purchase or sales price
  • Any finance charges should be set forth in dollars and cents
  • Any services to be provided
  • Deadlines for payments to be made
  • Detailed explanation of each party’s duties and obligations under the contract
  • No blanks should appear in the contract
  • Read the fine print – it is important too

Entering into a binding contract is an important decision. Take the time to closely read the terms of the agreement. If you do not understand it or you have questions regarding how it will impact you, contact us to schedule a free consultation.

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