A common mistake among well-intended business people is thinking that their good intentions, a little common-sense, and pen and piece of paper are all that are needed to draft a reasonable contract. For better or worse, “kitchen table contracts” often end-up to be some of the most expensive contracts they might ever enter into. The costs of being bound to an improperly drafted contract can easily dwarf the cost associated with having the contract drafted correctly. The cost of an improperly drafted contract or a contract that has not been properly reviewed by a legal professional may not reveal itself until its too late. In legal circles, it is said that “fix me” can be far more expensive than “help me.”
The beauty of a contract, however, is that it allows one to be “master of one’s universe” insofar as a party to a contract is under no obligation to enter into any agreement that does not fully address its concerns and needs.