What Is a Contract?
In its simplest form, a contract is a legally enforceable promise. A contract requires some form of consideration by both sides. For example, if you agree to help your friend move in exchange for $100, that is a simple contract. In the context of a larger Texas business, however, a contract can involve obtaining insurance, working out a deal with a vendor, establishing employment terms for key employees, and even selling or acquiring a business.
Contract attorneys are licensed professionals specializing in Texas contract law, often in a specific kind of contract, such as agreements to license intellectual property or lease real estate. In terms of the actual work, a typical contract lawyer will:
- negotiate terms of a contract with the other party and their attorney;
- draft new contracts;
- review and revise a proposed contract before the client signs it;
- monitor the performance of the contract after it is signed; and
- represents the client in taking legal action for possible breaches of the contract.
How a Contract Lawyer Can Help You
Strictly speaking, you do not have to work with a contract lawyer or even have a contract reduced to writing to be enforceable. But relying on oral or “handshake” agreements often leads to misunderstandings between the parties. The point of having contract attorneys draft and review agreements is to help ensure that everyone is on the same page moving forward.
Some of the other benefits of working with a contract lawyer include:
- Changes in the Law: There are a number of Texas state laws and regulations that can affect business contracts. A good contract attorney stays up-to-date with these changes and will advise their clients accordingly.
- Dealing with Jargon and Loopholes: A typical business contract involves a lot of legal terminology. A good contract lawyer not only understands these terms but can explain them to the client. More importantly, a contract lawyer can identify areas where legal terms may be unclear and create potential loopholes if not closed.
- Protecting You from Breaches: In an ideal world, everyone lives up to their contractual obligations without question. But in the real world, parties often breach their contractual duties and obligations. A contract attorney can help protect you against such breaches.
Speak with a Texas Contract Attorney Today
At one point, every business will benefit from the services of a qualified Texas business transactions lawyer to advise them on contracts. Your business is no exception. If you need to speak with a lawyer about your business’s legal needs, contact SLG today to schedule a consultation.