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Episode 52: Why You Need a Legit Contract Right Now!
With the Covid-19 crisis and the impact it's had on the event industry and small business world, business owners are looking at their contracts now more than ever. As a contract attorney who eats, lives, and breaths contracts, I’ve known all along that contracts are super important.
So, I wanted to outline in this episode why you need a LEGIT contract, go over the importance of them including certain clauses, clauses to take an extra look at, the difference between The Legal Paige contracts and others out there, why getting a contract from an actual attorney is best, how to update your existing contracts in the midst of Covid-19, and much more! Lets do this.
Things I talk about:
- Over the importance of them including certain clauses
- Clauses to take an extra look at
- The difference between The Legal Paige contracts and others out there
- Why getting a contract from an actual attorney is best
- How to update your existing contracts in the midst of Covid-19
Here are a few quotes:
- “Force Majeure deals with performance. Most contracts do not speak to fees under a Force Majeure event. People are thinking their cancellation and rescheduling policies apply then, but really they probably don't. So, it's super important to ensure your Force Majeure clause now says something about when a force manure event happens and termination of the contract occurs because you cannot cure performance, that the retainer and other fees paid are non-refundable but will be credited on clients account for “x” amount of time."
- "I go over contracts time and time again to perfect them and make them dummy-proof. And anytime I change or edit a template contract, all past purchasers get access to those updated contracts. I want the client contracts you use to be simple. I want you to stop worrying about the legal stuff and feel beyond protected when you buy a template contract from The Legal Paige. "
- "It's definitely not just priced that way for no reason. If you hired an attorney down the street to write your contract, it would take anywhere from 5-10 hours. So you’re looking at $1250-$7000 for ONE contract. Moreover, that attorney might even miss clauses that you probably should have because they are a general contract attorney but don’t under your specific business and the industry and clients you serve."
- "It's funny because people buy expert equipment like laptops and phones and camera equipment all the time at thousands of dollars because they know their worth. Legal templates are just like that. They are worth it, plus some. "
- "With Covid-19, there has never been a time like this where this amount of business owners and clients have eyes on their signed contracts. And people have realized that they need some tweaking. There is quite literally no better time than now to update your contracts."
- "Just be super upfront and honest about what you updated and why, ensure those updates protect not only you but also the clients, and try to get clients to sign them so you are ready to go for future situations that your existing contract didn’t prepare for. And, remember, it looks super professional as a business owner to be ahead of the game and come forward with an updated legitimate contract."