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Martin has over 20 years of experience as a professional editor and a writer, and is a voting member of the Canadian Editors’ Association. Martin will focus on making this website accessible to everyone, as well as implementing a consistent style for the website.
Yesterday I wrote about investing in a standard contract. (Click here to read the blog.) Today I want to show you a few tips to reduce the costs when drafting a standard contract.
Generally, the lawyer will spend some time with you asking you the nature of your business, industry standards, and the potential risks of your business from your experience. Even if you are just starting up, you probably know more about your industry than the lawyer. Make sure you can introduce your company succinctly; this will save much valuable time on both of you and your lawyer.
Second, you should be able to describe the goods or services you are selling accurately. If there are a variety of goods and services that your firm offers, write it down in categories. This will help your lawyer get organized in a timely fashion.
Third, what are the terms of sales and payments? In many industries, there are standard terms that are generally followed. Tell your lawyer what the customary terms are, and if your proposed contract diviates from the industry terms. This is important on a contract’s enforceability.
Fourth, is there a customer satisfaction policy? Although it is by no means required by law, it is wise to have a policy in place to resolve potential disputes. Today’s consumers are more demanding than ever. Having a good customer satisfactions policy is simply good business practice.
Finally, you should tell your lawyer about any particular concerns you may have on the operation of the business. Have you had trouble collecting payments? Are there competitors trying to steal your clients away? Have there been significant liability lawsuits in your industry. By telling your lawyer any of these concerns, he or she will be able to better protect your interests.
It generally takes a few drafts to finalize a standard contract. The drafting process involves both you and your lawyer working closely together. Remember, it is your interersts that your lawyer is trying to protect. Expect to spend some time working with your lawyer, and you should be able have your standard contract in a cost-efficient manner.
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