Using a commercially available, standardized contract has both advantages and disadvantages, depending on the individual's situation and business needs. While in some cases, using a commercially available contract may seem like a convenient and cost-effective option initially, in others, it can lead to long-term legal issues that can impact both finances and the relationships between the parties. Therefore, it is important to understand the advantages and disadvantages of using a commercial contract and retaining an attorney to ensure that the contract selection meets your needs and prevents future problems.
Advantages of using ready-made contracts
- Save money: Using a ready-made contract is less expensive than hiring a lawyer to draft or review a contract, making it an ideal option for individuals or businesses on a budget.
- Convenient and fast: Downloading a ready-made contract usually takes little time, no need to wait long for contract preparation.
- Easy access: Ready-made contracts are available from various sources, both online and offline, and can meet the needs of users in various situations.
Disadvantages of using ready-made contracts
- Inappropriateness to specific situations: A boilerplate contract is often a standard form that is not tailored to specific situations.
- Legal loopholes: Using a ready-made contract can have legal loopholes that could lead to misunderstandings or disputes later.
- Lack of flexibility: A ready-made contract may not have the flexibility to modify its terms to suit changing circumstances.
- Lack of legal advice: The use of ready-made contracts without advice from legal experts may lead users to not understand their rights and responsibilities.
Advantages of hiring a lawyer to draft or review a contract
- Accuracy and comprehensiveness: A lawyer can draft contracts that are legally sound and cover all aspects of the agreement.
- Customize as needed: Attorneys can tailor the terms of a contract to suit the specific needs of each party.
- Providing legal advice: A lawyer can provide advice on the rights and obligations of a contracting party.
- Reduce the risk of disputes: Having a lawyer review and draft the contract will reduce the risk of future disputes.
Disadvantages of hiring a lawyer
- High costs: Hiring a lawyer is often more expensive than using a contract.
- It takes longer: Hiring a lawyer to draft or review a contract can take longer than downloading a ready-made contract.
Investing in a Lawyer: It's Worth It in the Long Run
While the cost of hiring a lawyer may be higher in the short term, investing in this legal service can save you money in the long run, as your lawyer can prevent mistakes that could lead to costly lawsuits or disputes in the future.
Having an attorney help draft or review a contract also provides both parties with confidence that the agreed terms are fair and legal, which reduces the chances that the agreement will become a dispute in the future.
summarize
Both using a packaged contract and hiring a lawyer have their own advantages and disadvantages, depending on the user's needs. Using a packaged contract may be appropriate in some simple cases where additional legal advice is not required. However, hiring a lawyer ensures that the contract is comprehensive, legally sound, and appropriate for the specific situation, reducing risk and preventing future problems. While this may be more expensive in the short term, it is a worthwhile investment in protecting your long-term interests.
Written by:
Mr. Kritsanat Poolto