Contracts are the backbone of transactions, partnerships, and service agreements. However, the importance of thoroughly reviewing these contracts is often underestimated. Failing to review contracts can expose businesses to significant risks that can result in financial losses, legal troubles, and damaged reputations. Here, we delve into the key risks of not reviewing contracts and why due diligence is essential.
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Businesses rely on agreements with other businesses to get things done. Your formal and informal agreements with suppliers, service providers, subcontractors, landlords, and others are a critical part of your day to day operations. So businesses should adopt some contract best practices to assure stability and avoid unexpected losses or turmoil. An annual contracts review is a great place to start.
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It's a good practice to contact a lawyer before signing a contract in several situations. Consider the total value you expect to receive or pay. The cost of up front advice is always less than the cost to fix things later. Consulting with a lawyer can help ensure that you fully understand the terms and implications of the contract, protect your rights, and avoid potential legal issues down the road. Here are some situations when you should consider contacting a lawyer before signing a cont...
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