Dont let your business contract ruin your life
There’s nothing better than the smell of a new business contract that you’ve been waiting eagerly for. OK, maybe the smell of the trees you could have saved if they didn’t have to print and courier it first. But before you hurry and sign your life away on a contract it really pays to look at the fine print if you want to become wealthy one day. Yeah I know its full of long words and jargon but once you’ve signed it, it can be near impossible to get out of and always make sure you protect yourself against identity theft.
Read it. Yes it sounds simple but there is a constant supply of stories from people who didn’t read their contract and then wonder why they got burnt or fired. Once you’ve read it, get someone else to read it as well. Choose someone who is experienced at reading contracts, this could be a lawyer or even a friend who knows what to look for.
Know what the expectations of both parties are in terms of the work you are required to do and what the compensation will be. If you don’t understand your contract, make time to ask questions. Know your job description before you agree to do it.
If there is something in your business contract that you don’t like this is the time to negotiate it. If you don’t ask the answer will always be NO. Make sure what you are asking for is realistic, and negotiate nicely. There’s a clear difference between being firm vs rude.
If you are picking your contract up from the business take it away with you to read. Any decent employee will expect you to take it to someone to read for you. Red flags should be raised if anyone demands you sign a contract on the spot. By doing this you are showing your future employer that you understand how contracts work and you will be taken more seriously in the future.
Respect any privacy issues relating to your contract. Whilst it is important to take it to someone to read, never leave a contract on your coffee table for everyone passing by to read.
Read the termination clause carefully. Will you be penalized if you want to get out of the contract? What are their rights in terminating your contract if your work isn’t up to their expectations?
Make sure you get a copy. Ideally you should sign 2 identical contracts, have them countersigned with yourself and even a support person present and keep a copy each for your records.
Finally remember it’s a legal document. Never sign something you don’t understand. It is enforceable in court and you can get in a lot of legal troubles. Time and money that you could have saved by taking your time and really getting to know the document.
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