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The Importance of Contract Review

The Importance of Contract Review

People enter into a variety of contractual obligations on a daily basis, often without a thorough review of the terms that will be legally binding on them going forward. Many times people do not have issues regarding the contracts they enter, but if a dispute does arise it can be surprising to some to learn of the terms that were agreed to. For example, if there is a dispute could you bring a lawsuit in Indiana? Or is there a contractual obligation to bring the lawsuit in a different state? If a third party sues a company you contracted with relating to your agreement do you have to step in and defend the lawsuit at your cost?

Although issues can arise in all contracts, a disproportionate amount of issues seem to arise with land sale contracts. A land sale contract is a contract by which a landowner sells their property but maintains title to the property until it is paid off in full. One risk with these contracts is that the buyer can be paying on the contract for years, then something goes wrong and the contract is breached. This may allow the seller to retain title following this breach even though the buyer has been paying for years. It is important to review all contracts in detail before entering into them so you know what your rights and obligations will be should something go wrong.

The business and contract law attorneys at McNeelyLaw LLP can help you understand the agreements that you enter into and advise you so that you can mitigate risk. Please contact us at (317) 825-5110 for assistance.

This McNeelyLaw LLP publication should not be construed as legal advice or legal opinion of any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult your own lawyer on any specific legal questions you may have concerning your situation.

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