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CONTRACTS

FOUR CONTRACT TERMS TO READ TWICE BEFORE YOU SIGN

Before signing any business contract, reread four terms slowly: indemnity, limitation of liability, termination and renewal, and dispute resolution. These clauses decide who pays when something goes wrong, and they are the ones most often skimmed.

Step by step

  1. Indemnity

    Check whether the promise to cover losses runs both ways, and whether it covers the other side's own mistakes. One-sided indemnities are negotiable more often than people think.

  2. Limitation of liability

    A cap equal to one month of fees can leave you absorbing a serious loss. Match the cap to the real risk of the work.

  3. Termination and renewal

    Look for notice windows, renewal dates and what happens to deposits or data when the agreement ends.

  4. Dispute resolution

    Arbitration, venue and attorney fee clauses shape every argument that follows. Agree to them on purpose, not by accident.

The deal is negotiated in the meeting. The risk is negotiated in the fine print.
A quick risk check
ClauseQuestion to askCommon fix
IndemnityDoes it run both ways?Make it mutual
Liability capDoes it fit the real risk?Tie it to annual fees
RenewalWhen must I give notice?Calendar the date

Common questions

Should a lawyer review every contract?
Not every one. Review anything long-term, high-value, or hard to exit, and anything with personal guarantees.
Can I change a standard form?
Usually, yes. Standard often just means the other side wrote it first.

“Ten slow minutes on four clauses can save ten months of argument later.”

General information for North Carolina readers, not advice for your situation.

Keep reading

Two more short guides picked for readers of this one, each written for North Carolina.

IF YOU ARE ARRESTED: YOUR FIRST DAY, STEP BY STEP

WHAT THE DUE DILIGENCE PERIOD ACTUALLY PROTECTS

(QUESTIONS CLIENTS ASK)

Questions clients ask

We talk through what happened, what you want and what the law allows. You leave with a clear next step, a rough sense of timing and cost, and an honest view.

It depends on the work. Many transactional matters are flat fee; disputes and defense are hourly or retainer based. You get the terms in writing first.

Contracts and closings often take weeks. Contested cases can take months. I give you a realistic range at the start and update it as things move.

Often, yes. Many problems cross business, property and estate lines. If something falls outside my practice, I refer you to someone I trust.

Your conversations with me are protected by attorney-client privilege, and files are stored securely with access limited to the people working on your matter.

I will. I do not hand files to junior associates. You have my direct line and a reply within one business day.

ABOUT THE AUTHOR

Graham Thornbury has practiced law in Charlotte for sixteen years across business, property, estate and criminal matters. He writes these guides to answer the questions clients ask most often in a first meeting, in plain language and with North Carolina law in mind. Guides are general information, not advice for a specific situation, and reading one forms no attorney-client bond.

ABOUT GRAHAM
Graham Thornbury, the author

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