Attorney reviewing a contract

3 Things Often Hidden In The Fine Print

Vaziri Law LLC serves as outside counsel to businesses in the Chicago area. We assist businesses with a wide variety of legal needs ranging from business formation and litigation to questions about intellectual property and business transactions. 

Oftentimes, the service we provide deals with terms in contracts that a business may not have realized they agreed to or that turned out to be detrimental after the fact. While we can try to untangle the mess after the fact, we prefer to work with our clients proactively, when drafting contracts, to protect them from future headaches. 

Below are some things that are often hidden in the fine print of contracts we review for our clients. They aren’t all dealbreakers, but they are things we keep an eye out for and make sure our clients are aware of and understand before signing. 

1. What Happens If There Is A Breach?

It would be great if every business relationship ended happily ever after, but in the real world, things are just as likely to fall apart as they are to work out well. Understanding what will happen if the party you are contracting with later breaches the agreement is critical. As is understanding what steps you will need to take if you later decide a particular path is not right for you. 

Vaziri Law LLC advises our Chicago area business clients by crafting agreements that protect them in the event things go wrong and that consider many potential scenarios in the future. 

2. Blank Spaces 

You would not believe the number of business contracts we see that still have blank spaces or a note that additional information or terms will be filled in at a later date. If you sign a contract like this, it can come back to bite you. Your friendly business partner may fill in those blanks to their advantage or suggest that that contract is not binding because it was not fleshed out. Vaziri Law LLC can identify obvious omissions in contracts and also point out language that is overly vague and may present a problem later. 

3. Details on Completion, Renewal & Termination 

The execution of a contract marks the beginning of a business relationship, but it should also include details about the end of the relationship. 

  • What exactly are both parties agreeing to do, and in what time frame? 
  • What happens if the parties want to keep doing business together after this first contract is finished? Can it be extended? Renewed? Or must a new agreement be negotiated? 
  • What happens if circumstances change, and both parties want to end their business relationship early? Should this be treated as a breach? Or is there a way for the parties to amicably part ways? 

Thinking through the legal implications of various business decisions is something the Vaziri Law LLC team can do for your business.

Fueled by Passion. Built on Trust. 

Vaziri Law LLC is a law firm serving a wide variety of clients in the Chicago area. Our business clients trust us to competently analyze the legal risks they face and advise them of their options. We work hard to fill that role by providing quick and clear legal counsel. If your business is facing legal challenges or needs a law firm to be on call as day-to-day issues arise, the Vaziri Law LLC team is ready to take your call. Please contact us today to schedule a meeting.