Contract Law Basics Under New Jersey Law
A contract is an agreement, usually comprised of several components, between two or more parties. Generally, it is a legal document that outlines the relationship between parties and spells out the terms of that relationship. Whether it be a business merger, employment, real estate transaction, a licensing agreement, or any number of other things, contracts can be used for a variety of purposes in New Jersey. There are many different kinds of contracts, and their creation can be a complex and nuanced process.
Therefore, if you are in need of a contract, it is a good idea to hire a contract lawyer in NJ. Most contracts (although not necessarily all) have to follow the rules for validity. The contract must involve an offer for, and acceptance of terms. Typically, consideration is required, meaning that each party needs to give up something that they want in exchange for something that the other has to offer. This is the most basic understanding that a business person should have regarding contracts. Of course, they can get quite complex, and this is why it is a good idea to hire a contract attorney NJ.
Regardless of the kind of contract that you are drafting, they have two general types: simple contracts , and what our contract attorneys NJ would call "quality contracts." Simple contracts are the little agreements that we enter into day-to-day, frequently without even thinking about it. They include things like our Netflix subscriptions, renting videos from RedBox, or running a tab at the local bar with your bartender. They can be legally enforceable but, in general, unless they become an issue, we’d regard them as relatively unimportant.
Quality contracts, on the other hand, are more complicated contracts, and that’s when an experienced NJ contract lawyer is invaluable. If you’re merging with another business, changing the personnel of your corporation, beginning a licensing agreement for your product, or majorly changing the way that you do business, these contracts are essential. Major changes in your business require a lot of forethought, as the both minor and major problems that can result from simply misunderstanding a single term or definition can lead to a major headache-or a major lawsuit.
If you have a good contract lawyer in NJ, then you can be rest assured that you won’t have to worry about the little issues, and can focus on the business at hand.
Characteristics to Look for in a Contract Attorney
A proficient contract lawyer should be able to identify even the smallest contract missteps that could affect the future of the business. There are numerous details in each contract that must be paid very close attention to, and where there is an error, it should be brought to the attention of the business owner to determine their intent. If you are the one preparing the contracts, this becomes even more important, as you can’t know with certainty that any particular detail will be acceptable to the contracting party until after all the agreements are completed.
Negotiation is part of contract preparation and execution. Many lawyers will prepare rough drafts, but this isn’t the time to get bogged down in specifics about terms. Where a disagreement occurs, it’s time to reach out to any partners involved. Sometimes you can work out a compromise, other times, only a "no." At least you’ll know one way or the other.
Contract law in NJ is not always straightforward. There are numerous opportunities for error that an inexperienced person could make. Your contract attorney will have extensive experience in the field, which will help ensure that all terminology is correct, that the contract fits your purpose, and that there are no loopholes. Loopholes can be very dangerous for any party, but particularly small to medium-sized businesses, who can be taken advantage of if they’re not properly protected.
What Services Do Contract Attorneys in NJ Offer?
Contract lawyers in New Jersey are equipped to assist clients on a number of different legal matters, with the final goal of preparing and signing a legally binding contract that accurately reflects the agreement of both parties. Some of the most common services that New Jersey contract lawyers provide include:
-Contract negotiation. An attorney can help you develop the terms of important business contracts, which can eliminate or at least reduce the amount of dispute that exists once the parties have entered into the deal. Experienced lawyers are typically well-versed in contract law, and therefore understand the most common pitfalls that end up creating disputes. They can therefore adjust the language of contracts accordingly to outline the specific obligations each party has, reducing the opportunities for miscommunication and disagreements.
-Contract drafting. If you’re not quite at the stage where you need a lawyer to help you negotiate the terms of your contract, you may just need help in drafting the language in an accurate, compelling and legally sound way. Lawyers should be able to identify the major issues that need to be covered in your written contract, in addition to basic requirements such as font size, margins, headings, pagination and so back. This is especially important if you’re writing a contract for a business that’s likely to have a lot of different employees writing contracts with different styles. If you have a uniform template, it’s easier for everyone involved to follow and simply fill in the gaps and negotiate the necessary terms.
-Contract review. You’ve put in the work to draft the terms of the contract, and you’re finally ready to present it to the other party. But before you do, it’s always a good idea to have an attorney check it over to make sure there are no specific issues that haven’t yet been addressed. They can also help you think through any problems it may create if the contract were "disputed in court." They can act as a valuable second set of eyes to catch any mistakes you may have made that could lead to larger issues down the road.
-Contract dispute resolution. Unfortunately, just because you and another party enter into a carefully crafted contract doesn’t mean that everything will go smoothly. If the other party refuses to uphold their end of the bargain or perform their contractual obligations, it could be time to consider entering into dispute resolution procedures. An experienced contract lawyer can handle this process with the goal of helping you both reach a compromise and avoid a costly court battle.
-Legal advisories. Not all situations require a contract to be legally binding. Sometimes a simple letter or agreement signed by both parties is all that is needed. A qualified contract lawyer can help you determine when it’s worthwhile to have an actual agreement put into writing, and when you can get away with oral contracts. They can also offer advice on just how binding a particular contract is, using their extensive knowledge of contract law.
What Do You Need to Think About When Hiring a Contract Lawyer in NJ?
When looking for the right contract lawyer in New Jersey, you have to do your homework to ensure you’re getting the best legal representation for your needs. Here are some of the steps you can follow to help you decide who’s right for you: Step One: Identify Your Needs The first step is understanding why you need a contract lawyer in the first place and what type of help you need in this area. Make a list of problems you think you have, and how you’d like to be helped in resolving them. A lawyer’s experience will be helpful here, as it may be able to identify nuances in your case that you might not recognize just yet. Step Two: Research Options Once you have a list of criteria, use your social network, Internet, and New Jersey Bar Association to identify potential candidates. If necessary , contact any professional organizations you belong to if you need help finding the right lawyer for your business. Step Three: Contact Potential Candidates Make a list of questions you’ll ask each potential lawyer. Once you’ve asked all the questions and interviewed any other key members of the firm, use your list to determine which lawyer best fits your criteria. If you’ve received a contract lawyer referral, the person who gave you the referral probably knows your field, and will make a good resource for comparing and refining your list. Step Four: Make a Decision If you’ve narrowed down your list to three choices, pick the one you feel will be the best fit. It’s up to you, whether a decision is based on particular credentials, experience, location, costs, or another factor.
The Benefits of Working with a Local Contract Lawyer
One of the advantages of hiring a local contract lawyer in NJ is his or her ability to represent you at an in-person meeting with the other party in your case. Hiring a contract lawyer in NJ means retaining an individual with experience in NJ law and an understanding of the standard practices for contract law cases in NJ courts. Conversely, if you hire a contract lawyer from in other state, he or she may not have the requisite experience to handle your situation or advise you on the best course of action.
Another benefit of hiring a contract lawyer in NJ is that you can enjoy much more accessibility than you would if you hired someone from outside the state. People often find it very difficult to get into see their lawyer on short notice when they are working remotely from a different state. If you are in NJ and want to meet with your lawyer in the next couple of days, you will be better able to accomplish this if your lawyer is a local contract lawyer.
It is also important to highlight the benefit of access to a local network of lawyers in NJ. Many contract lawyers in NJ work regularly with the same other local lawyers who practice in NJ courts and on NJ matters. They may have an established relationship with other lawyers who are handling your matter, allowing them to work collaborate with these lawyers while also maintaining strict client confidentiality.
Frequently Asked Questions About Contract Lawyers in NJ
What is the cost for hiring a contract lawyer in NJ?
It may seem hard to believe, but the services of an NJ contract attorney don’t have to be costly at all. Contract lawyers are certainly not in the same category as a traditional Gardner, Earl, and Cramer, who bill upwards of $500 per hour, plus incidental expenses, fees for e-filing, courier services, and more. In fact, an NJ contract lawyer may bill just $1 for each document page they review and edit. Those who charge by the hour may not be willing to negotiate an hourly rate on the low end of the pay scale, which can range anywhere from $100 to $200 per hour.
What do contract lawyers charge for consultation fees in New Jersey?
Some contract lawyers in NJ will provide clients with a free consultation of up to one hour. Others expect their clients to pay a consultation fee, usually in the form of their per-page fee payment, or their hourly fee rate. For example, if the attorney charges $100 to review and edit each page of a contract , a one-hour consultation helps provide them with $100 of income. However, most contract attorneys are flexible and can work with you to ensure you get the advice you need, while being able to pay the required consultation fees as well.
How long does it take to complete contract processes in NJ?
Contract processes will vary in terms of how long they take to review and edit. It also depends on a variety of other factors, including:
- The length of the contract
- Whether or not the attorney needs to make additional changes and edits to the contract beyond what they first notice
- If you and your attorney have agreed to streamline the process by completing the review, the editing, and the answering of all of your questions within a specific period of time, such as 24 hours.
In any case, the review should not take longer than a few days, while lengthy contracts or more complex issues could take on complete contract processes of a few weeks.