A good contract is basis for any smooth business relationship. Contracts are essential. Not only do they clarify roles, responsibilities and ownership issues, they limit potential liability. Attorneys can help you draw up a contract that covers all your bases, but if you want to use your attorney efficiently, do some homework first.

Sit down and in your own words define relationship you’re setting up and describe those who you’re setting it up with. Anticipate industry-specific issues that affect your risks and liabilities in contract. Point out best and worst-case scenarios that affect success of your product and how that will affect contracted parties. Address ownership issues. Now set up a meeting with your lawyer.

You may think that signing a contract is a simple proposition. Just read what it says. Wrong! It’s not only what a contract says, but rather what it doesn’t say that matters. A contract can be deliberately written to be ambiguous and open to various interpretations, which are not always in your favor. Often, you are so personally involved in contract negotiations – agreeing to amendments, changing clauses day by day – that you feel that after all discussion, it MUST be right. Before you sign, have an attorney look at it. What you gain from an objective eye is far greater than what you pay in fees.