Contracts Lawyer in Alexandria, VA
Every interaction in our economy is a contract from complex mergers to picking up your morning coffee. Contracts are essential for everyone whether you are a business or an individual.
Depending on the contract and how it is written, you can also have many issues in your life based on the contracts you have signed. Every contract has two components, obligation, and consideration. If your obligations are not met, you may lose the consideration or worse, be sued for damages.
A well-drafted contract therefore can make the most out of your situation. However, drafting expert contracts requires skill, experience, and problem-solving. That is why most people turn to a contracts lawyer for all of their important contract needs. Including but not limited to the following types of contracts:
- Employment Contracts
- Commercial Lease Agreements
- Non Disclosure Agreements
- Purchase Agreements
- Loan Agreements
- Sales Agreements
- Consulting Agreements
- Investing Agreements
- Terms of Service
- Marketing Contracts
Why Hire a contracts lawyer?
A Contracts Lawyer Alexandria, VA is an expert in contract drafting and has seen it all. They can draft a custom-tailored agreement which not only outlines obligations and consideration but also accounts for any possible outcome of the contract such as if either of the parties is not happy or damaged.
A contracts lawyer can also review a contract before signing or after to advise you on changes or your rights under the contract. Using a contracts lawyer is a great way to protect yourself in the future and effectively eliminates frequent conflicts that may typically arise with that type of contract.
How Much Does a Contract Lawyer Charge?
The cost of hiring a contracts lawyer depends on the experience of the contracts lawyer and the complexity of the contract. Typically, you should expect to pay between $500 and $5000 for a contract. For complex drafting such as a Franchise Disclosure Document or multi-contract consulting agreements, the price can go up to $20,000 on average.
A contracts lawyer usually charges hourly rates, however, if your contract is one that the contracts lawyer is familiar with, they may be willing to give you a fixed rate based on the fact that they know exactly how much time that contract will take them.
Some Steps/Tips in Drafting a Contract
Every contract is different and depending upon the situation, the process of drafting a contract may be completely different due to either complexities or in some cases, simplicity. However, most contracts do follow a typical pattern and format.
Determining Parties’ Participation
All parties that agree to sign a contract must be capable and willing and in most cases, they have to be 18 years or older. Additionally, they have to be mentally capable and not under the influence of alcohol, drugs, or other substances.
What’s the Consideration?
Consideration is the exchange of something such as labor or intellectual property for compensation like goods, services, money, etc.
Setting the Terms for the Contract
A contract’s terms exist so that both parties mutually benefit and receive their desired outcome. The writing of the terms of the contract should be plainly and thoroughly explained so that the other party understands fully the terms. While you can explain the terms orally and answer any questions or concerns they may have, having a written contract is the best bet to ensure understanding.
Determine if a Confidentiality Clause is Prudent
Your contract may involve very sensitive or crucial information that could be an issue if it got leaked. Having a confidentiality clause ensures that the signee won’t easily give up any information. If they do, it’s considered a breach of the contract and they can be liable to legal consequences.
Have a Dispute Resolution Clause
Having a dispute resolution clause will allow both parties a way to deal with any possible contract breaches. Whether it be mediation first, then litigation, or arbitration. Other examples could be that the person who breached the contract is obligated to pay necessary legal fees.
Have a Termination Clause
Having a termination clause is essential so that either party is able to terminate the contract in an adequate manner. While some contracts it’s fitting that either party can terminate the contract at any time, other contracts it makes sense to have a clause such as either party needing to give advance notice before terminating the contract.
Ensure the Contract Follows Industry Standards and Requirements
Of course, if you have an expert contracts lawyer helping you with the contract, this shouldn’t be an issue, but definitely, you’ll want to make sure that the contract has all the necessary requirements.
Offer the Contract to the Necessary Party or Parties
Now that everything is completed with the contract and it has been checked a few times for quality assurance, you can offer the contract to the necessary party or parties. They will be able to review the contract and accept it how it is or negotiate any changes they would like.
Begin the Negotiation Process
The party may have questions or concerns about the contract, want to make some small minor tweaks, or may even have an extensive counteroffer. You’ll want to hear what they say and determine if their demands/changes are reasonable. In some situations, you may be willing to accept their changes at face value. In other situations, you may decide to present a counteroffer instead. Sometimes the negotiation process can take a while and may even require some sort of mediating third-party.
Finally, Time to Sign
Now that negotiations are over all that’s left to do is for both parties to sign the contract. Now the contract is legally binding once both parties have signed and dated the contract. Both parties should also retain a copy of the contract for future references.
Need a Contract Lawyer?
Drafting a complex and legally enforceable contract is not an easy task. That is why you should always consider hiring a contracts lawyer for all of your important contracting needs.
That’s why you should have a competent contracts lawyer draft, review, and, if necessary, negotiate your agreement. Turn to Mughal Law Firm for a legally binding contract, whether simple or complex, that is custom-tailored to the situation, your needs, and interests.
