Write Contracts to Accomplish Your Objective

All too often, contracts are written without careful review or tailoring to the business relationship that the contract is meant to embody. Also, thought is not given to language to address potential disputes that may arise and how they can be resolved in a cost effective manner. The main benefit of memorializing the agreement is that it reduces, but does not eliminate, ambiguity as to the material terms. Once the basic terms have been identified, it is important to think through the life cycle of the relationship to ensure that timeframes, implementation and essential procedure is discussed and understood. Questions that are important to discuss with your attorney are whether to agree to alterntative dispute resolution, rather than traditional litigation, and also how to ensure that venue for any action would be in a convenient location.