A lawyer for business contracts helps companies and entrepreneurs manage the contracts that serve as the backbone of their business. Business contracts lawyers are critical to making sure their clients stay protected and are not put into any relationships that may cause unnecessary risk for the business. Business lawyers may help with contract drafting, negotiations, and contract review services. If you’re a business owner and you haven’t had to deal with a legal contract yet, the day will come when you must do so, and you’ll want a business contract lawyer on your side when it does.
A contract is a legally enforceable agreement between or among two or more parties that mutually ratifies certain rights and promised obligations. (A binding agreement between actors in international law is known as a treaty.) A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honored. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the minds between the parties.
Within the overarching category of civil law jurisdictions, there are several distinct varieties of contract law with their own distinct criteria: the German tradition is characterized by the unique doctrine of abstraction, systems based on the Napoleonic Code are characterized by their systematic distinction between different types of contracts, and Roman-Dutch law is largely based on the writings of renaissance-era Dutch jurists and case law applying general principles of Roman law prior to the Netherlands’ adoption of the Napoleonic Code. The UNIDROIT Principles of International Commercial Contracts, published in 2016, aim to provide a general harmonized framework for international contracts, independent of the divergences between national laws, as well as a statement of common contractual principles for arbitrators and judges to apply where national laws are lacking. Notably, the Principles reject the doctrine of consideration, arguing that elimination of the doctrine “brings about greater certainty and reduce litigation” in international trade. The Principles also rejected the abstraction principle on the grounds that it and similar doctrines are “not easily compatible with modern business perceptions and practice”.
Contract law can be contrasted with tort law (also referred to in some jurisdictions as the law of delicts), the other major area of the law of obligations. While tort law generally deals with private duties and obligations that exist by operation of law, and provide remedies for civil wrongs committed between individuals not in a pre-existing legal relationship, contract law provides for the creation and enforcement of duties and obligations through a prior agreement between parties. The emergence of quasi-contracts, quasi-torts, and quasi-delicts renders the boundary between tort and contract law somewhat uncertain.
Common Types of Business Contracts
Lawyers for business contracts are professionals that you want to have on your side if you’re an entrepreneur. Not only do they make the process of creating contracts and reviewing them easier, but they offer unparalleled peace of mind when it comes to making business agreements. Business contract lawyers specialize in many different contract areas. Here are some common types of contracts that you can count on a business contract lawyer to help with:
Service Contracts
Service contracts cover agreements between a buyer and a seller. Whether you’re completing equipment leases needed to complete a job or you need help with a contract to send to customers, lawyers for business contracts can help.
Investment Contracts
Investment contracts govern the agreements between you and the people that give you money to run your business. These relationships are essential to the success of your business, so you need to be sure that the contract is mutually beneficial. A business contract lawyer can help you create, audit, and even modify existing terms of a contract for the best outcome for all involved parties.
Partnership Agreements
Business partnership agreements are the perfect way to enter business with a fellow entrepreneur. However, things can get messy if the roles and responsibilities of each member of the partnership are not set out ahead of time. Taking advantage of the help of a business contract lawyer can help your business run more smoothly by making sure all this information is clearly stated in the contract. Lawyers for business contracts can also help with these agreements:
LLC agreements
S Corp agreements
C Corp agreements
Commercial Lease Agreements
If you need office space, you’re going to need to enter into a commercial lease agreement . Sounds simple, right? Unfortunately, the terms of a commercial lease agreement are wildly different than the rules you may be familiar with from residential versions.
It Is strongly recommended that you employ the assistance of a business contract lawyer to help you with commercial lease agreements. The terms involved can get complicated and can end up turning out badly for you without the right guidance.
Confidentiality Agreement Contracts
Confidentiality agreements are crucial to many business operations, especially when dealing with proprietary information. Business lawyers make sure all the bases are covered on these agreements, so you don’t have to worry about your trade secrets getting out.
Employment Contracts
When you bring new employees on board with your company, it’s always a good idea to be sure the right expectations are set from the beginning. Creating an employment contract is a great way to set expectations and create terms and conditions surrounding employment.
What Types of Lawyers Look Over Business Contracts?
Even though all lawyers are well-versed in certain areas of law, not every specialty is suitable for business contract dealings. When you’re dealing with business agreements, you must hire the right lawyer to get the job done correctly.
Here is an overview of the types of lawyers that can help look over business contracts:
Real estate lawyers
General business lawyers
Employment lawyers
Tax lawyers
Intellectual property lawyers
Securities lawyers
Hiring a business contract lawyer can help you discern which contracts are the most beneficial for your industry and line of work.
How Much do Business Contract Lawyers Cost?
Even though hiring a business contract lawyer can be a hefty investment depending on what you need, it’s well worth the money. This is true especially if you ever find yourself in legal disputes since business contracts enforce many of the things that protect your business from being negatively impacted.
Typically, the cost for a business lawyer can range anywhere from $350 to $925 an hour and some attorneys require a retainer upfront to secure the relationship. Don’t let the cost deter you – paying now can save you money later.
Remember that successful business contracts foster positive relationships with business partners, employees, and customers. Instead of focusing on the financial investment it takes to work with a contract lawyer, think about the benefits it will bring to your business relationships.
Common Fee Structures for Business Contract Lawyers
When you work with a business contract lawyer, you can expect a fee structure to be in effect. This allows lawyers to work with entrepreneurs in a way that makes sense for all parties involved.
Here Is a quick overview of how business contract lawyer fees are structured:
Hourly Rate
Many business contract lawyers operate on an hourly rate basis. This usually involves an hourly rate that is billed for all activities that include communicating with the lawyer. You can expect to be billed hourly for time spent doing the following:
Contract drafting
Contract review
Contract editing
Breach of contract
Other business services
Some business lawyers charge flat fees for their services. This type of fee structure involves a pre-agreed-upon amount of money to be exchanged for business contract services. When you agree to work with a lawyer on a flat-fee basis, it doesn’t matter how many hours are spent, you only pay one set price.
This is beneficial for those who need extensive contract work done. However, if you’re interested in working with a business contract lawyer for basic contract services, you may consider working with a lawyer on an hourly rate basis to save money.
Contingency Fees
Contingency fees are charged at the end of a legal battle. If you’re expecting a battle to result in a settlement, a lawyer set up on a contingency fee basis takes a percentage of the settlement to cover their services.
Statutory Fees
Occasionally, the state where the business operates sets guidelines regarding how much a lawyer gets paid for certain legal services. Contract lawyers can advise if this scenario applies to your business relationship.
Get Help with Business Contracts
If you’re an entrepreneur who uses business contracts, you need an expert in your corner to help you create the best documents for your business. Working with a professional fosters positive business relationships which will help lead your business into success in the future.
Areas We Serve
We serve individuals and businesses in the following locations:
Salt Lake City Utah
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Business Contract Attorney Consultation
When you need help from a Business Contract Attorney call Jeremy D. Eveland, MBA, JD (801) 613-1472 for a consultation.
Jeremy Eveland
17 North State Street
Lindon UT 84042
(801) 613-1472
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