Not knowing what’s in your contracts can stop your business expansion

No matter if you are a hospital, physician, pharmacist, manufacturer, SAAS or Health IT provider, the lifeblood of your business is in your contracts. As an attorney what amazes me time after time is how contracts are often overlooked by businesses.

When I speak with clients, many of them tell me that either they will just sign a contract to get access to something or on the back side, they will simply plan to get out of a contract if they aren’t happy with the party they contracted with. Situations like this are when things get interesting.

For clients contemplating entering into a contract, I usually ask the following: 

• Were you were able to negotiate your priorities into the contract? 

• Are you using standard terms and conditions from prior agreements?

• Are you thinking about how your business may evolve over time? 

On the flip side for clients that plan on exiting a contract I ask:

• Do you know what happens if you plan to get out of the contract? 

• Are there penalties for terminating?

• Are you prohibited from re-entering a certain market?

Many businesses don’t know the answers to these questions. Not knowing your rights before making a decision to either enter or exit a contract can cost your business thousands of dollars. 

Fortunately, there is something you can do about this. Clients have been using Lanton Law to help them understand not only what’s in their contracts, but Lanton Law gives you suggestions on how to negotiate a better deal, while also giving you a risk assessment for clients considering leaving a contractual relationship. Having a contract strategy will definitely save you from making a costly decision. 

Click here to contact Lanton Law now to schedule a contract risk assessment. Taking this small proactive step will not only help protect your interests, but it will allow you to more confidently plan for your future business expansion.