A commercial contract lawyer can be a helpful advisor for companies. They can help to draft, negotiate and review commercial contracts.
Commercial contracts can be the difference between a good deal and a bad deal. It is for this reason that commercial contracts should always be reviewed by a qualified lawyer.
In this article, we explain what a commercial contract lawyer can do for your company.
This article was written by Farrah Motley, Director of Prosper Law and a commercial contract lawyer.
Commercial contracts might include:
to name a few.
Often, companies will have discussions before entering into a commercial contract. You might agree to things with the other party in a meeting and shake hands. Alternatively, you might exchange a series of emails.
However, if this agreement doesn’t find its way into the terms of the contract, it may not be legally enforceable. This is because conversations that are had before the contract is signed often do not give rise to legally binding contracts.
These prior agreements, however, do become legally binding if they find their way into the terms of the commercial contract. A commercial contract lawyer can make sure that this is the case.
A good commercial contract lawyer will always Look at ways to limit the liability and exposure of your company. This can be done by adding in limitation of liability clauses or requiring the other party to indemnify your company.
On the other hand, if some of the contract terms are unfair or not favourable to your company, a commercial contract lawyer will be able to identify them. They can make recommendations about how those clauses should be amended and negotiate with the other party.
Aside from legal rights and obligations, some clauses may be purely commercial. They can pose a level of risk to your business as much as the purely legal clauses and need to be scrutinised by a commercial contract lawyer.
A review of a commercial contract will be particularly important when you are reviewing the other party’s contract terms. It is reasonable to assume that a party will draft their own standard contract terms in a way that is favourable to them.
Not all commercial contract terms are legally enforceable. For example, a letter of intent that does nothing more than express an intent to enter into an agreement at a future point is not legally enforceable in Australia.
This is because agreements to agree are uncertain and therefore do not meet the minimum requirements for a legally binding contract.
Other requirements to make sure that a commercial contract is legally enforceable may include signing the contract in accordance with the Corporations Act 2001 (Cth).
There may be little point in signing contracts that are not legally enforceable. A commercial contract lawyer can ensure that the contract is legally enforceable by your company and protect your business deal.
It’s not enough to have a commercial contract lawyer negotiate the terms of a contract if you never read the contract or look back at what has been agreed to.
If your company fails to comply with the terms of the commercial contract, it may be in breach of that contract and the other party may have rights against your company.
A good commercial contract lawyer can explain what the contract terms mean and the key terms that you need to comply with. This should be done in plain English and with as little legalese as possible.
Prosper Law is an online law firm for Australians. We provide legal advice to business and individuals across Australia. Our team of lawyers work with small, medium and large businesses to deliver first-class, commercially sensitive legal advice.
If you need commercial contract legal advice for your business, get in touch.
Contact the team at Prosper Law today to speak to a commercial contract lawyer and find out how we can help you for a fixed price.
Farrah Motley | Director
PROSPER LAW – Australia’s Online Law Firm
P: 1300 003 077
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