Before you sign that contract

I know how exciting it can be for new business owners or even existing business owners when they get a new contract! You may have been waiting for this one contract for weeks, months or even years. The excitement, the joy, gosh!

While you're excited, don't rush yet, wait, listen. Don't just sign that contract!

Before you sign that contract you have to be sure of what you're signing. What if it's a trap?

Let me tell you a story. My first ever job as a legal practitioner came through because my client signed a contract he had no business signing in the first place. Well, that was money for me. My gain, his loss.

He had to pay me to remedy the mess he created by signing a contract he shouldn't had signed. I mean, he would had paid less if only he knew certain things. This is why I think you should know these things before you sign that contract.

Before you sign any business contract, have the following in mind.

1. Is that contract in writing? : This looks like overstating things but you really have to be sure the contract you're about entering into is in writing. Oral contracts are difficult to enforce, this is why you must insist on a written contract. Also, this will ensure the other party/parties doesn't spring up surprises at you or outsmart you.
2. Read, read and read again: I know I'm hammering on reading. Truth is, this cannot be overemphasised. Read every line, paragraph and page properly. Ensure you read, understand and agree with all that's stated on the contract.
3. Make sure the contract is legal: The courts cannot enforce an illegal contract so you must ensure that the contract is supported by the law of the country you intend for it to operate.
4. Parties to the contract: Are the parties to the contract persons who can enter into a legally binding contract by law? You should ask yourself this before signing a contract. For instance, minors cannot enter into contracts except for their necessities. You lawyer will tell you more.
5. Is there provision for dispute resolution?: Hey there's bound to be dispute where different persons come together. So plan for it. Before you sign that contract ensure there is a provision on tge manner in which disputes would be settled should they arise.
6. Consult your lawyer : I know most of us wouldn't want to hear this. But this is my number one point. I mean, you feel consulting a lawyer is expensive right? It is even more expensive when you do not get to hear from a professional, mess things up and still have to seek their expert opinion.

Now you know what things you must consider before you sign your next contract. While you rejoice in getting g that deal, work towards keeping the deal by ensuring you do the needful. The law only supports the vigilant, be vigilant!