What Is A Contractual Attorney?
A contractual attorney is a general attorney who specializes in analyzing, developing, and approving legal contracts. For businesses, a contractual attorney is especially important as they can prevent serious legal issues from arising by ensuring all contracts signed by the company keep the business fully protected.
If you don't know the ins and outs of the law, you could easily sign a contract that does not reflect your best interests. Once it is signed, you are bound to it. To avoid any future complications or civil lawsuits, it is advisable to meet with a contractual attorney first to fully vet any contracts you are about to sign. A contractual attorney can also help you draw up contracts relating to real estate purchases, employees, regulatory compliance, and more.
What Are a Contractual Attorney's Main Duties?
A contractual attorney's main duties include drawing up and verifying contracts. However, they have many other duties to complete as well. Here are some examples of what a contractual attorney is responsible for:
- Doing legal research
- Verifying due diligence
- Drafting contracts
- Drafting settlements
- Settling litigations
- Offering legal counsel to clients
- Advising litigation attorneys
- Protecting clients' intellectual property
- Ensuring all contracts protect the integrity of the client
- Verifying mergers and acquisitions
What Is a Contract?
A contract is a legally binding document that outlines the details of an agreement between two or more parties. The contract is a mutual agreement in which all parties involved have agreed to pre-arranged terms and conditions. A contract can be written for many different reasons and must include certain elements, such as:
- An offer
- Acceptance of said offer
- Terms and conditions
- Requirements of each party
- Time frame in which actions must be carried out
- Adequate consideration (value)
For a contract to be valid, it must be signed by all parties involved. In addition, each signing party must be legally competent. Legally competent individuals must be adults without mental impairments. They must also not be under the influence of drugs or alcohol at the time of signing. If all of these elements are met, a contract becomes a legally binding document that must be enforced. Otherwise, legal repercussions will take effect on the parties who do not uphold their contractual obligations.
What Is Adequate Consideration?
Adequate consideration is the value of the exchange of the contract. Whatever is being exchanged, whether it be funds, items, or even time, must reflect a value for the transaction. For the consideration (the value) to be adequate, it must align with the following principles:
- The consideration must be a promise to do something or complete a task.
- The value of the exchange must exceed $1 to be considered by a court.
- The consideration must not include anything illegal.
- Both parties must agree to the consideration.
- The consideration cannot be something that has occurred in the past.
A contract attorney can help you figure out how to place a reasonable value on the contract to ensure it suits both parties and is in accordance with the law.
What Are Contractual Disputes?
If someone is in breach of contract, meaning they have not upheld their legal obligations and stipulations in the agreement, a dispute will ensue. Some disputes may be settled between contract parties, and some will end up in civil court. In either case, settling a contractual dispute would require the legal counsel of a contractual lawyer.
This will ensure you and your company are properly represented. Without proper legal counsel, you may not get the resolution you deserve or are legally required to receive.
Here is an article detailing what constitutes a breach of contract.
Why Hire a Contractual Attorney?
Businesses should hire contractual attorneys to ensure that all of their legal paperwork is in order. Companies can be in serious legal trouble if they fail to file appropriate documentation or do not fully protect themselves before signing a legally binding agreement. Hiring a contract attorney can save you money in the long run by preventing you from falling into unwanted litigation.
Real estate developers should also consider hiring a contractual attorney to negotiate pricing, complete closing documents, and complete their due diligence on the property in question on the developer's behalf. Contracts can be filled with legal jargon, so it is important to fully understand all of your contract's terms and conditions before signing.
There are several benefits to hiring a contract attorney, such as:
- Contracts that a lawyer writes and signs are easier to enforce in court than contracts business owners draft up themselves.
- A contract attorney will ensure that your contracts release you of liability and protect you in the event of a lawsuit.
- A contract lawyer will negotiate the terms of your contract with the other parties in question to protect you and get you the best possible terms.
- Contract attorneys are familiar with the types of legal issues that arise in your field of business and can take the necessary measures to prevent them.
- A contract attorney can explain the contract to you in layman's terms so that you are completely aware of what you are signing.
What to Consider Before Hiring a Contractual Attorney
Hiring an attorney is a costly but important part of running your business. To make the most of your investment and ensure the safety and security of your business and its continued success, do your homework beforehand to hire the best person for the job. You should meet with several attorneys to find the one who best matches your needs. Here are some things to ask before hiring a contractual attorney:
- How much experience do they have in the same industry as your business?
- What are their recommendations in the event of a lawsuit?
- What type of clients do they typically represent?
- What types of contracts do they specialize in?
Read this article for more questions you can ask a contractual lawyer before you hire them.
Contractual Attorneys in a Nutshell
Contractual attorneys can help prevent civil suits or any other legal repercussions down the line, so hiring one of these professionals is a good way to protect your business. You can count on your contractual attorney to draft contracts that are in your best interests, negotiate on your behalf, ensure you and your intellectual property are protected, and make sure that any party you have entered into an agreement with is upholding their end of the bargain.
Because contracts are drawn up with very explicit legal jargon, it is imperative to have a professional on your side to help you understand the exact terms and conditions of what you are signing.
If you are looking for a contractual attorney in your area, click here to find one. The right contractual attorney can offer you proper legal advice to help you run your business and protect your future. Remember, it's always better to prevent legal issues than to resolve them down the line. Start meeting with contractual attorneys in your area today to find one that is right for you and your business needs.