Contract Creation And Review

Our legal team at Spicer, Olin & Associates, P.C., handles every aspect of contract law. In our experience, a client’s investment in the creation of a contract can save significant and costly legal headaches in the future. We understand that contract language to the layperson can be daunting and confusing, and we pride ourselves on our ability to simplify these documents for our clients so their bargains are intelligent and informed. Because we are often called to litigate contract matters, you will benefit from the years of our experience in the courtroom regarding terminology to include, and to avoid.

We frequently assist medical professionals with medical employment contract review, and practice buyout agreements. Our firm has a specific emphasis in the creation, amendment, interpretation and negotiation of residential lease agreements and commercial lease agreements, and the development of real estate purchase agreements.

Understanding The Different Types Of Contracts

Not every agreement should be drafted the same way. The type of contract used often depends on the nature of the transaction, the level of certainty involved and the goals of the parties. At Spicer, Olin & Associates, P.C., we help clients choose the contract structure that best protects their interests from the outset.

Common contract types include:

• Fixed-price contracts: These agreements establish a specific total amount to be paid for goods or services. They are often used when the scope of work is clearly defined and both parties want cost predictability.
• Cost-reimbursement contracts: These are useful when the full scope of work cannot be reasonably determined at the beginning of the relationship. The paying party reimburses actual expenses as the work progresses.
• Time and materials contracts: These agreements base compensation on hourly labor rates plus the cost of materials and related expenses. They are commonly used in projects where the work may evolve over time.
• Unit price contracts: Frequently used in construction and development matters, these agreements assign a set cost to each measurable task, item or phase of work.
• Unilateral contracts: One party makes a promise that becomes binding once the other party completes a specified act or performance.
• Bilateral contracts: Both parties exchange promises and mutually agree to perform certain obligations. These are among the most common contract forms in business and real estate transactions.
• Express and implied contracts: Express contracts clearly state the terms in writing or verbally, while implied contracts may arise from conduct, actions or surrounding circumstances.

Each type serves a different legal and business purpose. For example, a bilateral contract may work well for a commercial lease or employment agreement, while a time and materials contract may be better suited for a professional services arrangement where the scope can change.

Choosing the correct contract type can significantly affect risk allocation, payment obligations and future enforceability. We can help determine which structure best fits employment agreements, commercial leases, residential leases, real estate purchase agreements and professional service arrangements. Because we are regularly called upon to litigate contract disputes, we draft agreements with future enforceability in mind. This practical perspective helps prevent vague provisions, conflicting terms and unnecessary ambiguity.

A carefully structured contract today can reduce misunderstandings, strengthen your legal position and help prevent costly disputes in the future, while also providing clarity for both parties.

Find out how we can help with your contract creation or review matter – call 540-315-8799 or contact us online today.