What is Document or Contract Review for Your Business?
Document or contract review is an extensive review of all documents, forms, and other materials associated with your business. Usually, as part of a business plan, or for other reasons, a business owner or managing executive will develop or purchase documents that will be used in the day to day operations of that business. When purchased from an online pre-packaged retailer, business documentation such as policy and procedure manuals, forms for tracking business activities, and other business documents are largely boilerplate – these documents are not necessarily tailored to your specific industry and the laws, rules, and regulations governing the operation of your business.
Business documents that have been reviewed by an attorney as part of a business plan, or for any other reason, are essential for many reasons. First, and most important, document or contract review conducted by an attorney is aimed at managing the risk associated with operating a business. One of the greatest risks that any business must deal with is the very real possibility that a future client, employee, or other business will file a lawsuit against the business. While there are many reasons that a lawsuit could be filed against a business, one way to mitigate the risks associated with the effect of a lawsuit is to ensure that all business related documentation has been drafted with a clear understanding of the law, rules, and regulations specific to the business sector that the business operates within.
Why Choose an Attorney for Document or Contract Review for Your Business?
Attorneys are trained to analyze documentation for compliance with local, state, and federal regulations. A good attorney is, if nothing else, a master researcher. The goal of a document or contract reviewer is to analyze every word, phrase, and the context of each of these words or phrases while applying the results of case law and current local, state, and federal law, ensuring that each document accurately reflects these laws and regulations. What is most important to realize as a business owner or manager is that purchasing prepackaged online retail documentation is not necessarily the right solution. The best method of tailoring your business plan, forms, contracts or other documents is to first develop them with the goals of your business in mind, then have them reviewed by a competent attorney experienced in both business and business law to ensure compliance. Further, the rationale behind any changes made by an attorney to your policy and procedure should be explained to you so that you clearly understand the legal issues behind a particular concept.
Business Documentation Ripe for Review
Often the source of legal pitfalls, the following are examples of the types of business documentation that benefit from review by a competent attorney:
- Partnership agreements
- Vendor Agreements
- Client Agreement
- Company bylaws
- Operating agreements
- Meeting Minutes
- Non-disclosure agreement (NDA)
- Employment Agreements
- Business Plans
- Online Terms of Use
- Business Invoices, Receipts, Order Forms
- Disclaimers
- Personnel Policy and Procedures
- Administrative Policy and Procedures
- Confidentiality Agreements
- Contractor Agreements
- Privacy Policies
- Sexual Harassment Policies
Read my article, “Strong Contract Negotiation in Massachusetts” for more information on contracts for your business.
DISCLAIMER:
The information provided in the pages and posts of this website are for general informational purposes only. The information presented on this site is not legal advice, and no attorney-client relationship is formed by the use of this site.
