Episode 111: When You Need A Custom Contract Versus A Template Contract
Welcome back to another episode of The Legal Paige Podcast. Today I am talking all about custom contracts versus template contracts! Because the thing is, there's a huge difference between the two.
Things we talk about:
- When you need a custom contract, and how it's different than a contract template.
- Why template contracts are a great option, and the difference between it and a custom contract.
- How to decide when it's time to seek out a custom contract.
- The value myself and my team pour into each and every one of our template contracts.
- Why it's so important to buy a contract from a shop that is so tapped into today's market, and why TLP's contracts are so different!
Here are a few quotes:
"A template contract is a contract that you get online. Please get it from a verified attorney, and please don't purchase it from someone that is just selling template. They do not have malpractice insurance, they do not have any legal backing for that template contract, and they did not go to school for it. They shouldn't be selling the contract template to be very frank with you because that is unauthorized practice. So do not get a template contract from anyone other than an attorney."
"Be aware of that price difference. I think for many solopreneurs and people who are just starting businesses, they do not have the expendable income to be able to hire an attorney to help them. That's where I find the beauty in template contracts drafted by attorneys online. They can help you get like 90% to 95% of the way, and their template contracts are so valuable in that respect and why they might not be like perfectly nuanced to your business. It's close enough that, you can probably modify it to your business policies and practices to the best of your ability."
"Being a good business owner, at any stage of your business, is really all about being legally legit and protected at all times. So just because you may have started out with a template contract doesn't mean you need to never look into getting that template contract reviewed by an actual attorney. You need to have it modified and changed to your business practices, which are probably changing and have evolved over time as well."