What you still don’t know about… Contracts 🗂️

A few weeks ago we found that the scope of your work is the most important thing in your contracts.

In a conversation following that post, a new question arose: once I’ve written one contract, I can copy and paste my scope into all the standard templates, right?

Wrong. 

“Contracts are not all the same, even those with the same name.”

Infinite contracts

I spoke to Katherine Moore, from The Law Office of Katherine Moore, about this very topic. 

Each contract “depends on the language within the particular document – one size does not fit all”. 

“For example, a Supplier Agreement might be written to benefit the supplier instead of the customer. A Commercial Lease might offer additional rights to the tenant. An LLC Operating Agreement can be made to offer more protections for owners with smaller ownership interests”.

Infinite opportunities

And it is worth the extra attention. Because a good contract is not just about keeping you out of court. 

A good contract is about favorable terms, saving money, offering options, and determining obligations. 

A good contract is more than risk avoidance, it is part of your business strategy.  

Collaborate

Work with your attorney on each contract you sign. 

Discuss your scope, as well as your needs and expectations to write the contract that serves your business. Always know what you are claiming and what you are trading.

“If [your] business is sometimes willing to negotiate and ‘trade away’ some of its power in order to secure an agreement that’s fine, but it’s my job to make sure [you] realize what [you’re] giving up”.

What next

What are the top three priorities for your business right now? Call me for a $550 meeting to determine what you have to achieve, and use that information to work with an attorney like Katherine to “make informed decisions and take calculated risks in your business”.