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Follow these tips when reviewing a business contract

No matter what type of business you're in, there will come a point when you're faced with a contract. While you could sign on the dotted line and hope for the best, this isn't the approach you want to take.

Instead, you need to know exactly what you're signing, as to ensure that you don't make a mistake. Here are some tips to keep in mind when reviewing a business contract:

  • Make sure all the terms are clearly defined
  • Don't assume that you know what something means, but instead ask for clarification if there is reason for concern
  • Make note of anything that is missing and have it included before you sign
  • Don't assume that standard language should remain in the contract, as this can be changed
  • Have someone else review the contract before you sign, as they may see something that you have overlooked

These aren't the only things to consider when reviewing a business contract, but they are among the more important details. When you follow these tips, it's much easier to be confident when you finally sit down to sign your name.

A business contract, regardless of why you're being asked to sign it, is a big deal. If you sign something that you don't understand, there's no way of knowing what could happen in the future.

Fortunately, as you learn more about business contracts, including your legal rights in your position, you can better understand what's being asked of you. This will improve your odds of feeling comfortable with the language of the contract and the agreement you're entering.

Source: The Balance, "5 Tips for Reading a Business Contract," accessed Feb. 07, 2018

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