You need to hire a contract lawyer if your business is entering into a contract. A contract lawyer specialises in reviewing, writing, amending, negotiating, and interpreting contracts and agreements.
Because of the importance of contracts to running a successful business, it is vital that you have a contract lawyer review all of your business agreements.
Author: Farrah Motley, an Australian contract lawyer and the Legal Principal of Prosper Law.
What Does a Contract Lawyer Do?
A contract lawyer is a qualified lawyer that specialises in contracts.
Some lawyers will further specialise in specific types of contracts, such as:
employment agreements
consultancy agreements
building and renovation contracts
non-disclosure agreements
software licenses
IT goods and services agreements
commercial and property leases
The lawyer will discuss your legal matter, including what is important to you and your business. A contract lawyer will make recommendations on the things that should be included in (and excluded from) your contract.
It's also helpful to make sure your lawyer explains some of the important clauses in your contract so that you understand what you are agreeing to and why.
Any good lawyer worth their salt should be able to explain to you, in plain English, what your contract says and how it is important for your business.
Why Do Contracts Need to be Reviewed by a Contract Lawyer?
Contracts are complicated. Contract lawyers spend years at University studying and applying contract law. They then read, write, discuss, argue and negotiate contract terms for a living. Because of this, there is no substitute for hiring a lawyer to review your business's contracts.
The smallest word or mark on a contract can mean the difference between your business getting a bad deal and not being able to enforce a contract and a good deal that fairly and accurately represents your business deal.
How Much Does a Contract Lawyer Cost?
Some contract lawyers charge their clients based on hourly rates and time spent on a legal matter. Others charge a single, fixed fee for legal contract reviews.
That amount can vary greatly depending on the contract, the law firm and the lawyer you are dealing with, but as a general rule of thumb, you should expect to pay between $300 (+ GST) up to $2,000 (+ GST) for a contract review by a qualified contract lawyer.
The price you can expect to pay for a contract lawyer to review your contract depends on the length and complexity of the review.
It's also important for contract lawyers to assess whether the contract is a type that is capable of being negotiated. For example, SaaS providers usually offer terms and conditions on a take-it-or-leave-it basis - particularly for off-the-shelf software products. Because of this, the seller may not be open to negotiating contract terms.
How can Prosper Law help?
Farrah Motley, Legal Principal of Prosper Law, is a highly experienced contract lawyer. Farrah has worked with many different businesses across the world, including small, family-owned businesses to large global companies, to draft, review and negotiate commercial contracts.
As a commercial contracts lawyer, Farrah understands the need to strike the right balance between achieving your commercial goals and reducing risk.
Talk to the team at Prosper Law today to find out how we can help to review your commercial contracts.
Farrah Motley | Legal Principal
PROSPER LAW - A Commercial Law Firm for Businesses
M: 0422 721 121
A: Suite No. 99, Level 54, 111 Eagle Street, Brisbane, Queensland Australia 4000
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