Contract Drafting and Negotiating
Business contracts attorney Stacia Hofmann helps clients with all stages of the “life” of a contract. Contracts have an unfair reputation of being dull and therefore unnecessary or burdensome. But business contracts actually serve two important purposes for parties who are coming together in agreement. First, enforceable contracts control the parties’ actions and increase the probability of kept promises. Second, if broken promises do occur, contracts soften the impact by providing an appropriate remedy and course of action. Because contract language acts as a manifestation of the parties’ intent, the choice of words and clauses matter. Without the right language, intent is subject to speculation.
Planning for Contracts
Stacia helps business owners and individuals think up contracts to meet their needs. What promises need to be legally enforceable? Can some things be optional? Can the client keep their own promises? What is common practice? What does the law say about these types of contracts? How do judges view them?
Drafting Contracts
Stacia also drafts contracts. This is the core of Cornerpoint’s business. Stacia recommends important terms to include and explains other options that clients may not even know exist. It is a mistake to assume that contracts cannot be customized. In truth, the possibilities of personalization are endless, and the results should fit the client’s specific purposes. For the same type of contract, one client may choose to include additional clauses and require certain terms, while another may choose to omit those same clauses or require more lenient terms, simply because one has a higher tolerance to risk than, or a different goal from, the other. With Stacia’s help and advice, her clients end up with a contract made just for them.
Reviewing, Revising, & Negotiating Contracts
Stacia frequently assists clients by reviewing and revising an existing contract, usually prepared by the other party, or negotiating more favorable terms. The law values fairness in contracts, but it’s an unusual day when a contract is equally fair in every respect. In other words, it is not infrequent to see one provision of a contract benefit one party and a different provision benefit the other, and to varying degrees.
Negotiations help clients who are hoping for the best also plan for the worst and balance risk against reward. Parties entering into agreements are typically excited and optimistic about working together, and as a result, may skip negotiations in a misguided effort to communicate enthusiasm and good-naturedness. Since most good things come to an end, negotiations should not be overlooked.
Interpreting Contracts
A contract may already be signed by the time a client makes their way to Stacia. Stacia can answer questions about whether it is enforceable, how the language and terminology might be interpreted, what promises and obligations are owed, and what kind of consequences exist for a party who breaks a promise. Sometimes, Stacia is asked by her clients to review informal documents or emails and determine if they even meet the threshold requirements for a binding contract.
Disputing, Arguing Over, & Litigating Contracts
In Stacia’s law practice, she most frequently has occasion to argue about agreements in the context of LLC disputes and exits, and what business partners promised to each other. On occasion, she handles breach of contract claims: sometimes she represents the party claiming breach of contract, and sometimes she represents the party accused of breaching the contract.
Contract Templates for Customer Sales
Some of Stacia’s favorite projects are creating customer contract templates for various types of businesses. These types of contracts can be used over and over again, so they must also be easy to implement and manage.
There are three main goals with customer contract templates: protect the business, be fair to the customer, and secure payment. Releases and waivers, disclaimers of warranties, indemnity clauses, liquidated damages provisions, attorneys’ fee clauses, arbitration provisions, and other special contract tools may be useful and beneficial.