Top 5 Things to Pay Attention to When Committing to a New Contract

60 percent of marriages end in divorce. The number of automobile leases has increased substantially in comparison to the number of people purchasing new vehicles. Most people can’t even keep the same cell phone for more than a year or two. What these statistics and facts tell us is that there is an overwhelming increase of the fear of commitment in upcoming generations.

As people we are required to commit to a multitude of tasks and decisions. Whether that be which shirt to put on or deciding whether or not to invest in a multi-million-dollar company, many just can’t seem to make a final judgment call. The issue with this is that unlike some of the minor decisions that are made throughout your day, investing in companies and purchasing new homes are decisions that usually bind you to a contract.

Contracts are intimidating and many people choose not to read them carefully when they are put on the spot to sign. Without the proper eye it is extremely easy to miss things within a contract that have the potential to affect your personal and financial interests.

Here is a list of the top 5 things you should look out for when committing to a new contract.

1. Material Terms – i.e. dates, times, purchase price, who the parties to the contract are etc.
2. Default Clauses – i.e. what constitutes a breach or breaking of the agreement.
3. Remedies – what you or the other party may be entitled to if the other party breaches or breaks the agreement.
4. Time computation – Calendar days vs. Business days
5. Signatories – who is signing the contract? If a business, is the proper owner, officer, or shareholder signing?

Why not avoid the misfortunes that could arise by failing to properly review a contract by consulting with an attorney if you have the chance?

Let me help you avoid these top 5 issues regarding contracts. Call Zeig Law Firm, LLC (754)-217-3084 to schedule a free consultation today.