Business owners and executives negotiate contracts all the time, so much so that negotiations almost become routine. However, a unique business deal or project may emerge that requires skilled negotiations to protect a party’s rights. This is where retaining a seasoned attorney to negotiate your contracts can be crucial.
If you need to draft or revise a contract in New York, let the contract attorneys of Rosenbaum & Taylor assist.
The Benefits Go Beyond the Law
Knowledge of the law is the primary benefit of retaining an attorney to negotiate your contracts. An attorney understands what sorts of terms should be included, must be included, and cannot be included. A lawyer knows that certain words and phrases are terms of art, with precise legal meanings. An attorney can cut through the legalese and interpret contract terms for you.
But a lawyer brings far more to the table than familiarity with the law. These are a few benefits of hiring a contract attorney to negotiate your agreements:
Invested in Your Success
An attorney is an advocate and a fiduciary. In these two roles, the attorney has a vested interest in your success. That means everything done is with a focus on protecting your rights and interests. Your lawyer will therefore work hard to get the best deal out of your negotiations.
While very much interested in your business success, a lawyer is also a third party. As such, he or she has no financial stake in the outcome of the contract as the parties do. This puts the attorney in the position of being dispassionate and able to provide an objective view of the contract. Your lawyer will see things as they really are, and as the law sees them. The attorney will then advise you accordingly.
Understanding Your Industry
When you practice contract law long enough, you begin to understand the various industries contracts touch on. Our firm knows that a biotechnology contract is different from a product purchase contract, for instance. Because we know the needs of so many industries, we can intelligently advocate for you at the bargaining table.
Knowing About Emerging Trends
Law is an ever-evolving practice and is shaped by new statutes, court decisions, industry customs, and much more. The terms that may have worked in contracts from one, five, and ten years ago may not serve you well today. Since our firm negotiates numerous contracts, we’re up to speed on the latest legal and business trends. And we apply those trends to drafting strong contracts for our clients.
Evaluating Strengths and Weaknesses
It doesn’t take long for a contract negotiating attorney to discern strengths and weaknesses on both sides of the table. Where might you have leverage, or lack it? Where might the other party have leverage, or lack it?
Knowing where you and the other party are strongest and most vulnerable is essential to contract negotiations. As an example, it may become clear that a parts purchaser is in desperate need of a new supplier. Having failed to secure one so far, this could give you – the parts supplier – some bargaining power.
Defending Your Position
If there are particular terms you insist on including in a contract, you need to justify having them. Your attorney will challenge you on why these terms have to be included. The lawyer will develop a strategy for convincing the other party to accept them.
Without the ability to back up your demands, you start from a weak negotiating position. We aim to avoid that by discussing how your values and objectives will be reflected in the contract.
Ongoing Dedication to You
Our service to our contract clients doesn’t end when the ink on the signature line is dry. As time goes by and both parties perform under the contracts, questions may arise.
Has the other party breached? If so, how should you, the non-breaching party, respond? Have you been accused of breach? What is the worst possible outcome from going to court? Or should alternative dispute resolution (ADR) be considered?
Our lawyers don’t just draft contracts, we litigate contract disputes as well. That level of comprehensive legal representation is what our clients have come to expect. And so can you. When you retain Rosenbaum & Taylor to serve your contract needs, you have an ally that will keep looking out for you. Give us a call today to get started.