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Mitigating risks when drafting business contracts

On Behalf of | Oct 26, 2021 | Comprehensive Business Law

It might not be uncommon for companies in New York and across the nation to work with a variety of parties on a regular basis. Prior to entering an arrangement with another entity, business owners commonly set forth terms for the agreement via a business contract. Knowing some common errors that may prove harmful in the future could be integral to creating a contract that best reflects the wishes and needs of those involved. 

Common errors 

When it comes to drafting contracts, experts indicate that there are numerous mistakes one can make, which can create a variety of challenges. One common error may involve failing to perform research and prepare prior to entering contract negotiations, as lacking all the necessary information on hand could leave one at a disadvantage. Experts also suggest that there is a difference between an agreement and a contract and that using the proper terminology when drafting the agreement could prove imperative. 

Failing to be thorough with the terms of a contract is another example of a mistake that could prove costly. As such, being specific with the terms and using clear and concise language could help stave off confusion and provide the protection intended. Since it can take time to properly draft a contract, being thorough and having patience may also be more favorable than missing vital factors while attempting to rush through the process. 

Drafting a contract 

There could be a multitude of vital factors to address when drafting a business contract. Those who wish to protect their interests but remain uncertain how best to handle the process could find it beneficial to consult with legal counsel prior to initiating the process. An attorney can help a client in New York cover every vital topic involved and assist in drafting a contract that is in keeping with his or her needs and preferences for the arrangement. 



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