Do you have a boilerplate? I cringe every single time I hear it. If you own a business and you intend on being successful, you should definitely not be using a “boilerplate” contract. First, there really is no such thing – there isn’t a generic contract that can be used from one business to another because every business is different and the parties involved have varying thresholds for risk. In addition, every company is unique and has different considerations that should be taken into account. While running a business, there are many different relationships you are engaged in as well and each requires thoughtful consideration to ensure you are including the appropriate terms in your contracts. In order to best protect your business, it’s important that your contracts are tailored to your specific company and the particular relationship. The next time you’re about to ask for a boilerplate contract, stop yourself and remember that it will likely not protect your business as it should, you’re doing your company a disservice and it will cost you more in the long run to clean up. I promise, you won’t regret it.
Tricia Meyer is founder + managing attorney of Meyer Law, a woman-owned, forward-thinking boutique law firm specializing in helping entrepreneurs and technology companies from startups to fortune 500’s with corporate, contracts, employment and intellectual property matters in Technology, Telecom, FinTech, EdTech, AdTech, HealthTech, Internet of Things, Financial Services, Telecom, Social Media, Real Estate, Marketing, Advertising and Healthcare sectors. As an entrepreneur and a lawyer, Meyer has a unique perspective and is a mentor at tech incubators and accelerators across the United States. Learn more at www.MeetMeyerLaw.com and follow us on Twitter @Tricia_Meyer or @Meyer_Law.