“Failing to plan is planning to fail.” 

The familiar adage is often attributed to Benjamin Franklin and likely elicits images of a teacher or parent scolding a wayward child. The lesson, however, transcends any childhood lecture and finds its application in present day contract law. It seems axiomatic that one must plan ahead when entering into a business contract, but too often contracting parties overlook the basics which could become the focus of a future contract dispute. As business litigation attorneys, we are rarely consulted at the time of a contract’s drafting and instead make our appearance once a situation has escalated. Despite the unfortunate realty that contracts meant to ensure a seamless business transaction frequently end up in our hands, this provides us with a unique perspective as to the pitfalls to which even the most seemingly ironclad contracts can ultimately fall victim. The following are just a few questions to consider before entering into your next business contract—while at first glance they may seem basic, they can make the difference between a successful contract and one susceptible to dispute.

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