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What are some common business contract mistakes?

On Behalf of | Feb 12, 2021 | Business Transactions

Business contracts require careful construction. One misstatement or mistake can put the whole contract’s validity at stake.

Harvard Law School explains that some common business contract mistakes are often not due to the actual wording in the contract and are more about how you approach the contract creation.

Rushing to complete the contract

You should never rush into a contract. You need to take time to ensure it includes every important detail. It is essential to be positive that the contract benefits you in the way you want, as well. Do not cave in to pressure from the other party that just wants to get the deal wrapped up. Only sign the contract once you are completely happy with it.

Not considering the future

You cannot think about just the short-term when it comes to contracts. You need to think about the long-term consequences. It is also important that you make sure you consider your needs in the future and how the contract might not work if certain things arise. Ensure that this deal is something you can live with for the life of the contract, and build in the ability to make changes as needed.

Handing things over to someone else

While you may not draft the contract yourself, you still need to maintain control over the process. Never sign a contract without reading and understanding it completely. Make sure you get explanations for anything you do not understand. Always read it completely. It is too easy to agree to something and not be aware of it if you hand everything over to someone else and fail to take the responsibility yourself for the contract.

 

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