Entrepreneurs frequently enter agreements with only a handshake and a smile, or through a simple e-mail authorization. Since the parties trust each other, they don’t see any reason for drafting a formal legal document. Nonetheless, disputes and litigation often arise between parties that started out with a sense of trust, but did not execute suitable contingency plans in a binding agreement. Without such legal instruments in place, many unforeseen factors can lead to disappointment and regret.
In the same vein, there are those who settle for a simple contract in which only the basic terms of the transaction are set forth, such as the names of the parties, the nature of products/services to be provided, and the amount of required payment. However, such basic terms will not assist the parties when disagreements arise regarding each party’s understanding of the broad (if not vague) terms, or when expectations are not met (such as in the case of defective quality of the received product, late payment, unexpected cancellation, and bankruptcy). Intellectual property firms specialize in handling such contract matters.
A well-drafted contract provides the concerned parties with an assurance that their rights are well-protected, and with the clear knowledge of what they bargained for. The more thought-out the terms of the contract, the less risk there is for potential disputes and uncertainties.
In drafting a formal agreement, an expert contract lawyer accounts for a diverse range of situations that can arise following the signing, and provides strategic terms that the parties can refer to should there be a dispute. Furthermore, with well-defined terms and details in place, there is less room for differing interpretations, which are often the source of arguments and legal proceedings. Such issues can be compounded when dealing with technology law and contracts that can be crucial to an IP strategy.
In effect, a good contract provides the parties with peace of mind, since the agreement covers most contingencies. As such, each party clearly knows their rights and obligations under various circumstances based on the particulars defined in the terms prior to execution of the contract, avoiding unexpected surprises.
FlashPoint IP, a leader among intellectual property firms, provides first-rate contract preparation with an emphasis in technology law and IP strategy by understanding the clients’ needs and concerns for each transaction, and effectively protecting them through strong and well-drafted agreements. We further assist our clients in negotiations with the other party regarding the terms and details of the in-process agreement to achieve the most favorable and reasonable terms in their contract.
In addition, our lawyers review and revise previously-executed contracts or contracts received from the other party. Through consultation with the client, we assess the standing of rights for the parties, the client’s objectives, and any potential problems with the agreement, and advocate a course of action to rectify any shortcomings, amending the agreement with new or revised terms.
Our expertise spans an array of contracts (focused on technology law and IP strategy) including sales and distribution, manufacturing and supply, employment, agency agreements, work-for-hire arrangements, partnerships, non-disclosure agreements (NDA), non-compete agreements (NCA), finder’s fee agreements, consultancies, independent contracting, licensing, and settlements, focusing on the client’s goals with an eye for strategic positioning. Contact us to take control of your contractual rights and obligations.