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A recent article, 6 Red Flags to Look For in Any Contract by Barry Moltz says that while you may not need a lawyer to be involved in every contract you enter, here are the important aspects that you should read carefully and understand fully before signing any contract to protect your business from any risk of uncertainty.

1. Payment terms

Before entering into a contract, ensure you carefully read the section about the payment terms.  For Example, if you want to lease commercial office space, make sure that the payment terms for both parties that were verbally agreed to will be clearly stated in the contract.

2. Legal Parties

Read the contract carefully to ensure that the contract is between the legal parties or corporate entities. For instance, if you are looking for office space for lease, ensure that you enter the lease contract with legal parties.

3. Non-competes

Review these clauses thoroughly because the contract might bind you exclusively, which can impede your business growth.  Try to ask some amendments if deleting these clauses isn’t possible.

4. Penalties

Read and scrutinize the contract carefully if there are penalties to either party if a problem arises in the implementation of the contract. It is essential to see if there is a grace period when a deadline is not met or one party is dissatisfied.

5. Liability and Indemnity

Review this section to understand who is liable if either of the parties get involved in legal action by an outsider. Try to get the other party to be responsible for all claims or at least have each party shoulder their own legal expenses.

Conclusion

These are some of the important aspects that you should review carefully before entering into a contract to avoid possible problems and legal issues. If you’re looking for workspace solutions in Philadelphia, Office Space Brokers can help you decide what is best for your business. YourOffice Philadelphia offers you a wide choice of office and workspace solutions: small office space Philadelphia, executive suites Philadelphia and meeting space Philadelphia. You’ll have access to a complete array of office support and concierge services as well as state-of-the-art business technology.

What other important aspects do you consider before entering into a contract?  Feel free to share your comments. You can also see us on Twitter and Facebook.