Contracts affect many areas of our personal and business lives. Put simply and generally, most contracts are agreements between two or more people (or entities) about their obligations concerning some certain subject matter.
While it sounds obvious, the most important thing you can do when someone asks you to sign a contract is to read the contract before you sign it. If you are not sure whether you understand the contract, then seeking input from an attorney is a good idea. Even if you think you understand the contract, getting advice from an attorney is a good idea, especially for large and/or complex transactions.
When an attorney reviews an existing contract for you, she can help you understand the contract terms in the context of the law overall, advise you on what terms may be missing from the contract, and counsel you on how the contract will or will not meet your goals.
The best time to seek help from an attorney in reviewing a contract is before you sign the contract or begin doing any of the things called for in the contract. Indiana law favors enforcing the agreements that people willingly make, which means it is much more difficult for you to avoid the terms of the contract or alter them after you have agreed to it.
Freitag & Martoglio’s attorneys are experienced in drafting and reviewing many different types of contracts and agreements, for both companies and individuals.
FAQs About Contract Review & Drafting Services
Sample of General Types of Contracts
How much does it cost to draft/review a contract?
Unfortunately, it is difficult to give a general price range for the review or drafting of contracts, due to the wide variety of types and the unique circumstances of each client. Some web-based legal service providers may state a per-page price to review an agreement, but you should be skeptical of the quality of such service. While that pricing scheme is convenient and attractive, we do not think you can reasonably offer quality review with a one-size-fits-all approach to all types of contracts and clients, on a per-page basis. After all, you want an attorney to do more than simply be an editor of text on a page. A contracts attorney will consider the legal implications of the language in the contract, how the language may be enforced under the applicable laws, what issues are not addressed in the contract, and finally, determine how all of this affects you, your family, your business, and/or your own goals. Putting a per-page price on that kind of service misses the point.
How long does it take for a contract to be drafted/reviewed?
Again, there is no easy answer to this. First, it depends upon our availability to meet with you, understand your circumstances, and review the agreement. Second, it depends on the length and complexity of the document, among other factors (please see the list below).
If I email you the contract, can you review it for me and send it back?
Unfortunately, unless you are an existing client of our firm, we cannot agree to review and provide written feedback on a contract for you solely via email prior to an initial consultation with you, and our receipt of a signed engagement letter. We do our best to meet your review deadlines, but please plan ahead, if possible.
What factors may impact the price of the drafting/review of my contract(s)?
Some common factors that impact the time and price it takes to review the document are any one or more of the following:
- The degree to which the document is standardized v. specialized or unique.
- Number of parties to the agreement.
- Number of parties who must have input on the agreement (e.g. a company with a contract that impacts multiple business units)
- The dollar amount of the transaction involved.
- The necessity for due diligence prior to finalization.
- Whether the contract is for a one-time purchase or service, or involves on-going or multi-year services.
- Complexity of the good or service being purchased or sold.
- The degree to which the parties already agree on the essential terms.
- Whether the document presented for review was drafted by an attorney or non-attorney.
The list below is a sample of just some of the general types of contracts with which we have experience:*
- Purchase, sale, transfer or assignment of business assets
- Buy-sell agreements
- Shareholder agreements
- Share or interest purchase agreements
- Asset or stock(share) purchase/sale
- Real estate related agreements (offer, sale, purchase, LOI, land contract, leases)
- Purchasing/procurement related documents:
- Master agreements for purchases of goods or services
- Task authorizations
- Purchase order (“PO”) standard terms
- Bid and proposal documents (RFPs, RFIs, IFB)
- Purchasing/procurement related agreements
- Specific goods or services (e.g. equipment, materials, travel services, IT services or development, janitorial services, disaster support services, program management, payment processing, banking services)
- License agreements
- Consulting services
- Independent contractor agreements
- Non-competition/non-solicitation agreements
- Confidentiality agreements
- Employment agreements
- Termination or severance agreements
- Subcontractor agreements
- Letters of intent
- Corporation related agreements (e.g. bylaws, operating agreements, etc.)
*This is not an exhaustive list, so even if you do not see your specific type of agreement listed, please feel free to contact us to discuss your needs.