Contractual Law 101
Contractual law is the body of law that governs the formation, execution, and enforcement of legally binding agreements between two or more parties. At its most basic level, it involves a deal over a product or service. One party agrees to buy something in exchange for something that they offer. It might be pretty simple, such as a sale of a candy bar for a dollar, but if something goes wrong those involved can pay penalties and face legal action. They will need to hire lawyers to help them resolve their issues.
Even if the agreement looks simple and clear, contractual law is incredibly important to business operations and economy. It is what allows all forms of commerce to take place.
What is a "bet-the-company" agreement, and why can’t the lawyers do it themselves? A bet-the-company agreement requires an understanding of both the agreement’s content and effect . Knowing how a contract will ultimately play out is a big part of making sure it’s the best for the parties involved. Lawyers are needed to anticipate the potential problems with an agreement, from codifying clear terms to foresee potential execution issues to handling the enforcement. In other words, lawyers are responsible for protecting clients’ interests not only in the agreement but also for the future in case anything bad might happen. While the basic terms are typically agreed upon beforehand, lawyers can only write up the actual contract once they’re confident that all parties have agreed to everything.
Good contractual lawyers will work with their clients to make sure that everyone is on the same page with what should be in the agreement and then create the contract. They write the language of the official agreement, word for word, and all parties involved sign it.
Benefits of Having a Local Contractual Lawyer
When it comes to legal matters, particularly those involving contracts, having a contractual lawyer near you can make a significant difference in the outcome of your issue. Local lawyers not only have the advantage of accessibility, but they also possess thorough knowledge of local laws and ordinances. In addition, these lawyers are often more acquainted with the nuances of the judges and court employees with whom they interact on a regular basis.
Simplicity of Access
When local lawyers are available, and particularly lawyers who have their own practice as opposed to working for national or large local firms, it is usually simple to set up an initial appointment to discuss your case. Such appointments sometimes come at little or no charge, especially if the lawyer is looking to sell their services to you after learning what your needs are and determining if a lawyer-client relationship is the best option.
Knowledge of Local Laws
Some aspects of contract law apply all over the country or even internationally. Other aspects, however, are dependent on local law, which differs from jurisdiction to jurisdiction. A contractual lawyer is best able to represent you when you are in a specific location because they have in-depth knowledge of the local laws that may affect your contract, liability, and any litigation resulting from the contract. While lawyers are required to stay well-educated about many aspects of the law, it is practically impossible for any lawyer to be a master of all aspects, implying that local lawyers have a definite advantage in their particular areas of expertise.
Familiarity with Local Judges and Courts
Finally, hiring a local lawyer can be beneficial simply because it is a smaller pond. A local lawyer tends to know the local judges and court officials themselves. Hiring a lawyer who frequents the courts where your case will be heard is particularly advantageous since they can get a feel for how different judges tend to respond to certain types of contracts or claims. With time, the lawyer can also share their knowledge with you, guiding you along so that you become more familiar with the courts in your area. Overall, when you are involved in litigation over a contract, every little bit of knowledge helps, and hiring a local lawyer can definitely be beneficial as you work toward a resolution.
Services Offered by a Contractual Lawyer
Contractual lawyers offer a range of services to help individuals and businesses with their contracting needs. One of the most fundamental services they provide is contract drafting. This involves creating a legally binding agreement that outlines the terms and conditions agreed upon by the parties. Through careful wording and clarification, contractual lawyers ensure that all necessary clauses are included, protecting their clients from future legal disputes.
In addition to drafting contracts, contractual lawyers are essential for contract review. They meticulously evaluate existing agreements to identify any potential issues or ambiguity that could lead to misunderstandings further down the line. Any necessary amendments or clarifications are then recommended and, if the client chooses, executed on their behalf.
In the event of a contractual dispute, contractual lawyers can represent their clients in negotiation and settlement talks. These lawyers are skilled in finding common ground between disputing parties. They work to achieve a manageable resolution in a timely fashion, so all involved can move forward.
When negotiations fail to reach a resolution, contractual lawyers also assist their clients in contract litigation. They prepare the necessary paperwork and represent clients in court proceedings. A contractual lawyer’s knowledge and understanding of their client’s needs are critical for ensuring the best possible outcome in any dispute.
How to Select the Right Contractual Lawyer for You
To find a suitable contractual lawyer, consider these important factors:
- Experience: Look for a lawyer with a strong background in contract law and substantive knowledge in your area of business or industry. Ask how long they have been practicing and if they have represented many clients with similar contract needs.
- Reviews/Testimonials: Read reviews of their previous clients to gain insight into their level of service and expertise. Ask for testimonials from prior clients to see how they feel about the services they received.
- Specialization: Many lawyers have focus their practice on areas of contract law. If you have a merger or acquisition in the works you might want a lawyer who specializes in business transactions whereas if you need a business lease you might want someone who focuses on real estate matters.
- Location: If you have an established business in a particular community it may be advantageous to hire a lawyer who has offices there even if you do most of your litigation in a different city. They might have a better understanding of local customs and practices. Consider where you need to sign or perform the contract.
- Availability: Do you think you will need to meet with your lawyer regularly to discuss business? If you do, it’s best to find someone in town to manage your contract needs.
Average Fees for Contractual Lawyers
As with most other lawyers, those who specialize in contracts usually have standard rates that they charge by the hour. Many new contractual lawyers, however, tend to charge less than average for their services in order to find clients. In addition to these lower rates, there are many options available to keep your costs low. Most lawyers offer free or low-cost initial consultation, allowing you to ask more questions about the service you are paying for, and to get an idea of how helpful this lawyer can expect to be. There is also the option of a flat fee for basic services . If you need a simple contract drawn up, such as a lease agreement, many lawyers will provide you with a completely standard, simple document that meets your needs in no time for a flat fee. A contract review will also usually only cost you a flat fee. Most lawyers also have a retainer fee system in place that may prove to be cost effective. By keeping a set amount of money on hand with your contractual lawyer, they can access that account for any fees that you incur. If they do not need to use it, they will either bill you for the work, or refund any excess in the retainer. This allows you to avoid paying for at least some upfront work if you do not need to use the money.
Contractual Lawyers in Your Local Area
The process for finding contractual lawyers near you is not unlike searching for any other professional, and it starts with online directory listings. Many areas have online directories that list professionals by practice area and geography, so anyone looking for a contractual lawyer in their geographic area should turn to these directories first. You can also perform a basic web search using the term "contractual lawyer" along with your city or county as well as state. Chances are, you will identify some websites and directories of lawyers who might be able to assist you with your matter. Just remember, however, to vet any lawyer you find in an online directory or search engine, because they might not have a lot of information published online about their practice. You may also want to check your local bar association website for any lawyer who specializes in contract issues. They may even have a lawyer referral service or database of contract lawyers who will be able to provide you with all the help you need. Finally, you can always ask friends, family members or colleagues who they recommend when looking for a contract lawyer in your area.
Basic Questions to Ask a Potential Contractual Lawyer
Before handing your case over, there are a few key questions you should ask. They are:
What are your fees?
Fees should be discussed in the initial consultation with your prospective lawyer and then revisited throughout the process. Do not bury your head in the sand when it comes to fees. If you don’t understand the retainer agreement, ask questions or move on.
What are your costs?
This is a very different question from fees. Fees usually refer to the lawyer’s hourly charge, whereas costs include things such as filing fees. Make sure you understand which costs you will be required to pay and have copies of all paperwork related to them.
How often will you be available to speak with me?
You shouldn’t need to speak with your lawyer every day , but you should have the opportunity to speak with them at least once a week, preferably by phone.
How will you keep me updated on any relevant developments?
Some lawyers prepare meetings with an outline of points they want to discuss with you. Others send specific correspondence or, better yet, emails. Find out how your lawyer communicates and get comfortable with the system.
When will my case be resolved?
One of the more troublesome aspects of a legal case is that it can go on for months or years. Find out what you can expect and look for a reasonable time period.