You work hard to develop your business – don’t let an opportunity slip through your hands because of an inadequate contract.
Here’s WHAT NOT TO DO WHEN PRESENTING A CONTRACT:
- Make it all about you: Only include protection for yourself and make no mention of what the other party is guaranteed to receive.
- Present a lengthy and over-written contract: Present them with a 20 page contract full of legal jargon and small print, when a six page would have provided the same level of protection.
- Don’t take the time to understand your own contract: Avoid questions of clarification.
- Overstate your ownership of Intellectual Property: Make it know that they are darned lucky to be working with you and your creative mind.
- Make them feel untrustworthy: Interrogate them and ask for irrelevant information like Social Security numbers and fingerprints.
Always take measures to protect yourself and your intellectual property because everything that happens from start to finish is based on the contract. Remember that the purpose of a contract is to describe what is expected by each party. Although you need to make sure that all details are included in your agreement, this can often be accomplished in a reasonably brief document that everyone involved can understand.
Andy Zulieve is a business attorney & Intellectual Property Specialist with over 25 Years experience. His areas of practice are: complex contracts, construction law matters, trademark & copyright, trade secret, unfair competition and business structuring. From his office in Lincoln County Maine, he serves clients both nationally and internationally.