People are always looking to save a buck. One way that business owners try to save money is by waiting for the other lawyer to draft the contract on the premise that it will save legal fees. This view is simply not sophisticated and could get you in trouble. Here’s why:
THE LAWYER WHO MAKES THE FIRST DRAFT OF A CONTRACT HAS MORE POWER IN THE NEGOTIATION PROCESS.
If you have your attorney write the first draft, you can establish the parameters of the contract. For example, if your contract is for the sale of goods, you can set forth any warranties or representations. The other side reviewing the contract is now on defense and must draft an alternative if they do not agree. They also may neglect to read certain terms in the contract that could play out to be important if there is any subsequent litigation.
If the contract that you receive is unfair, it can be even more expensive renegotiate the contract. There will be emails exchanged, with redlined drafts going back and forth.
If the contract is poorly drafted, your lawyer will have to make a new contract from scratch. Simply put, you should seize the day and take the opportunity to produce the first draft of a contract.