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Why you need to double-check your business contracts

On Behalf of | Oct 26, 2021 | Business Law |

Contract errors could have serious negative consequences for your business. If you send a signed contract off and the other person signs it, then you have entered into a legally binding agreement. While they may oblige and allow you to redo the contract, they do not have to. 

Contracts set out the rules for your business relationship. Take your time and seek the necessary help to ensure they are correct before you sign them.

How can contract errors negatively affect your business?

Here are some ways an erroneous agreement could harm you:

  • It commits you to something you cannot fulfill: You agree with a client to complete a housing complex by November 2023. Yet, you put 2022 in the contract. Someone in your client’s office sees this and sells one of the apartments, telling the buyer they can move in by December 2022. When the buyer cannot because you are still a year away from completion, they may sue your client, who may have to sue you to recover their losses.
  • It fails to protect you: Let’s say you are the one commissioning the housing development, and you agreed it would be ready by November 2022. If you signed a contract without realizing someone put the date at November 2023, you would struggle to hold the builder responsible for any costs you incur when they do not meet the deadline you discussed.
  • It makes you look unprofessional: A client might worry your lack of attention to detail in the contract could extend to the work you do for them.

Getting legal help as you write your business your contracts, reduces the chance of errors. It reduces the likelihood you will need help later to defend yourself due to an issue a poorly written agreement causes. 

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