Common Mistakes: Contracts Part 3
October 21, 2010
In wrapping up the subject on contracts, I’d like to start by reminding you that contracts are legal documents. Everyone should have a good transactional attorney. I know if you are just starting out that this can be an additional financial burden, but it’s a very important investment.
Here are a few suggestions for working with an attorney:
- Most attorneys charge by the hour, so make sure you find out how much that is before seeing them. And bring all your “ducks in a row” to minimize cost (e.g. have all the pertinent information you need for the meeting).
- Find an attorney who has expertise in contracts for the leisure industry (for example, they’ve worked with restaurant, hotels, etc). These lawyers might be more effective for the event industry.
- I suggest bringing any current contracts you have (if any). And ask the attorney to develop a contract template that allows you to insert specific information for each client. This cuts down on those expensive one on one meetings.
- It’s also a good idea to have an attorney review any contract that a client or subcontractor brings to you.
I know what you are thinking already, “This is going to cost me an arm and a leg.” Yes, as I’ve said, it’s an investment. However, as business folks without this protection, it might cost you even more.
Is your present contract working for you? On a more personal note, have you ever had a client not pay you after you did the work (like what happened to me)?
(Funny lawyer image via Mike McCaffrey)