This is the first post in a series of articles discussing contract negotiation, drafting and review in Tacoma or Olympia, Washington. Nearly all major business transactions involve contracts. Whether leasing office space, purchasing supplies, buying land for development, borrowing money, or acquiring another business, contracts play a vital role. The goal of this series is to provide information about the contracting process and how a properly drafted contract can protect your company’s interests. Another goal of this series is to emphasize the importance of retaining an experienced business attorney to assist you in negotiating and preparing written agreements. If you need assistance, contact our office today to speak with a lawyer.
This series will address the following topics:
- The importance of written contracts
- Negotiating contract provisions that protect the parties
- The importance of counsel in contract drafting and negotiation
- How to handle a breach of contract
All businesses, small and large, enter into contracts during the course of their operations. To protect the interests of the company, the parties should have a basic understanding of this series’ topics. First, the purpose of a written contract is to memorialize the agreement between the parties and to set forth a binding record of their respective rights and obligations. If a party fails to perform in accordance with a properly written contract, the other party will have legal recourse for the breach of contract. Second, contracts may include a variety of provisions designed to shift risk between the parties and specify how disputes will be handled. It is easy to overlook these provisions in the early phases of a transaction, but it is important to negotiate favorable terms up front to protect against a potential dispute in the future. Third, numerous problems can arise when parties sign agreements that have not been reviewed by an experienced attorney. These can range from drafting errors that materially affect the terms of the contract to the inclusion of provisions that make a contract unenforceable. A business lawyer can help ensure that the parties accurately capture the details of their transaction and that the contract is legally binding. Finally, in the event of a contract breach, a party should know how to react to protect its interests.
A properly written contract can protect your company’s interests in a variety of ways. Working with an attorney with strong contract drafting and negotiation skills can help ensure your contract accomplishes your business objectives. If you need assistance, contact me today to speak with an Olympia corporate lawyer. The firm also services the Thurston County cities of Lacey, Tumwater, and Yelm, the Pierce County cities of Tacoma, Puyallup, and Lakewood, the Lewis County cities of Centralia, and Chehalis, the King County cities of Seattle, Auburn, Bellevue, Burien, and Federal Way, as well as other areas in Washington, including Grays Harbor, Mason, Cowlitz, and Pacific Counties.