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Should I Retain An Attorney to Read Contract

Discussion in 'People Mgmt: Customers, Employees, Investors' started by Bottomsouth, Mar 25, 2018.

  1. Bottomsouth
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    Bottomsouth New Contributor

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    I own a general contracting company (construction) and am working with a large developer to build a new fast food restaurant. I recently received the contract and have reviewed it with three of my team members. I've been in this industry for 13 years and have gone through many contracts and one of my team members owned his own company for 25 years and had an accounting company previous to that so he is very knowledgeable. Problem I see is that I anticipated to work with this developer on other projects after this one and expect to use the same contract agreement over and over (for the most part). Should I still have a qualified attorney go through it? This would be my cost to absorb.
     
  2. WJS
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    WJS Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yes you can never be too careful with contract agreements, especially if you plan on using it for future projects. If everything works out well then all is fine, but if things go wrong you'll find yourself in deep waters. Don't be penny wise pound foolish. It's a small cost to pay to safeguard yourself.
     
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  3. Bottomsouth
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    Appreciate the response. You are absolutely right. I've done business before in previous companies with developers like this but never on my own.

    I forward it just now to an attorney I've had good experiences in the past to get a cost.
     
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  4. ZCP
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    ZCP Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    First...you need to understand your business, its liabilities, and your insurance coverages.
    An attorney can do an initial review and provide thoughts....
    Since you plan to do business with this customer on many projects, it would probably be worthwhile to get your insurance policies, etc. to that same attorney to do a 'custom' review. Look for gaps in coverage. Wording in the contract that will void your coverage, etc.
    Also, do NOT BE AFRAID to markup said contract to your benefit. Often those markups will go unchallenged, if they question some, talk it through and come to common ground that works for both companies.
     
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  5. Bottomsouth
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    Agreed. I had my agent review the terms on coverage on the policy. Regardless I need my attorney to do the same.

    We mark-ed up the contract and I feel uncomfortable many paragraphs. Coincidentally on your last advice, I called the developer to tell him that we have a decent amount of redlines and he stated that it's fine just send back so we can get rolling.
     
  6. Vigilante
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    Vigilante Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Yes
     
  7. Red
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    Red danger zone Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Came here to say the same. Not only yes and HELL YES but find an attorney versed in this industry & these matters. Ask him what your outs are, where your recourse is outlined (if either of those exist) & what the worst case scenarios/disasters that could happen under these terms.

    Guaranteed that this contract is slanted for the benefit of the drafter & you may need to draft your own "counter offer" contract to balance the terms out -don't hesitate to do that & present your counter in person. Keep us posted!
     
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