How Contract Law Affects Small Businesses
The last thing a small business owner wants to think about is what type of legal forms to use when entering in contractual agreements. Contracts take time to draft, they are complicated and very dry. Some business owners would like to have them drafted professionally, but they are worried about the price. A solid contract, however, is not only worth the cost of a qualified Illinois business attorney, but it will likely avoid any disputes down the road that can be very costly.
Contracts that are drafted professionally are based on decades of contract law precedents and they will take into account the nuances of each deal. Additionally, professional contracts will ensure they meet the minimum requirements of Illinois governing contracts, which would avoid challenges to their validity by parties trying to get out of it.
Moreover, having a legal professional draft the contract allows the business owner to frame the negotiation of the items set forth therein. This enables the owner to direct the negotiation to their benefit, as the basic terms have been set.
Another benefit of professional contract is that a business owner can use them for future deals that are substantially similar. This drastically reduces the cost of new contracts, which in turn, makes the cost of the initial contract much smaller.
A strong note of caution is in place. In an effort to reduce cost, small business owners will purchase a contract form a website that not only has no idea what the particular business does, but also may likely not meet the contract law requirements that Illinois imposes. In a twisted irony, these so-called cost effective contracts are notorious for creating business disputes, forcing the business owner to hire experienced Illinois small business attorneys to sort through the mess.
Your small business should have the tools every business needs to operate efficiently, including proper contracts. If you have any questions about Illinois contract law, consult an experienced Illinois small business attorney today!