If you are about to sign a business contract, you first need to hire a contract review attorney in Oklahoma. Taking this simple step can help you avoid running into issues later on by guaranteeing that you know exactly what you are signing. Keep reading to find out how to review a contract before signing as an Oklahoma business owner and how a contract attorney can help.
Why It’s Necessary to Review a Business Contract
Business contracts are essentially a promise between two parties, agreeing to perform certain duties. The contract is a legally binding and legally enforceable document that holds everyone accountable and provides a safety net. The problem with this is that contracts can be notoriously difficult to understand, leading to a lack of clarity regarding the fine print.
So, it’s essential that you review all business contracts before ever signing your name. This is because you need to know exactly what you are agreeing to, as once you sign your name, you are bound to the terms of that contract. You won’t be able to simply say that you didn’t understand, as you have already agreed with your signature.
You also shouldn’t try to review the contract on your own without the help of a business attorney.
Key Elements to Review in Any Business Contract
The best way to review a contract thoroughly is to have a legal contract checklist. This will help you to avoid overlooking anything important that could lead to problems later on.
Here is a breakdown of the key elements you and your contract review attorney should go over:
- Parties and scope of work
- Payment terms
- Liability and indemnification clauses
- Termination clauses
- Provisions for dispute resolution
- Noncompete clauses
- Confidentiality clauses
Red Flags to Watch Out For
Especially if you aren’t very familiar with business contracts, it can be easy to overlook red flags. However, these are things you need to keep an eye out for so that you don’t end up signing something that will work against you later on.
Here are some examples of common red flags that can show up in Oklahoma business contracts:
- Vague or overly broad language
- One-sided obligations
- Missing key terms
- Automatic renewal clauses
- Hidden fees
- Strict notice provisions
Also, keep in mind that red flags do not automatically mean that you can’t move forward with the contract. This simply means that you and your attorney need to carefully review the issue and make sure it is addressed before you sign the contract.
Get the Help of an Experienced Contract Review Attorney in Oklahoma
There are many legal issues that can arise with enforceable contracts in Oklahoma if you didn’t do your due diligence before signing. To avoid running into these issues, you need to know what to look for in a contract so that you understand what you are signing and can spot red flags early on.
At Outhier & Caruthers, PLLC, our small business contract lawyers in Enid, OK, are here to help business owners understand their business contracts before signing. Contact us today at 580-234-6600 to discuss your situation with an attorney.