The Contracts and Agreements are at the center of the corporate world. Therefore, it is important that contracts or agreements are drafted with absolute care so that no loophole in these documents could be used against the parties to these contracts.
A document review lawyer could help you save any future liability or unrequired complexity from occurring during the course of business. Lead India helps you with similar issues, as we not only draft contracts but also take all required precautions before these contracts are executed. Therefore, if you wish to talk to a lawyer or seek free legal advice online for any legal drafting such as legal document drafting, you may contact us.
Legal documents could be understood as the basic foundation of the businesses, properly drafted contracts could help the company enter a new market or can also help extend the scope of the company. Legal Document drafting could help you prevent any imitation of its sensitive information by the competitors.
How much would it cost to draft a legal document?
The first question one askes, when realizing the importance of having a contract drafted is-
“How much is it going to cost me?” or “What would be the document preparation fees?”
As it is a common belief amongst the general public that lawyers charge steep prices, it is a reasonable question to ask.
The discussion below puts some light on the cost of drafting a contract and all of the preparation fees required for it.
There Is No Set Preparation Fee
The most important thing to be kept in mind is that there is no set contract drafting price- either by page, by word, or by document type either.
You may consult with different contract lawyers for the same project and would get different preparation fees.
It may sound overwhelming, however don’t let it intimidate you. It is advised that you just start the process with an open mind.
Factors Determining the Cost of Drafting Contract
The reason there are such variations in the pricing is that many factors determine the cost of a contract lawyer, as from where they earned their degree to any overhead they may have.
Contract attorneys may set their prices on their own, or their firms would do it for them. Some of the factors which may affect the cost of drafting a contract include:
Consultation Fee: Sometimes a lawyer would charge you for consultation. In some other cases, there could be a standard hourly rate, in other cases there may be a special flat fee. Others may still offer consults for free.
Experience: The more experienced a contract lawyer is, the better he or she would be at their job. More experienced lawyers would generally charge higher fees for their services.
Complexity: In case your document is simple and straightforward, it could be expected that the costs would be lower than when such a document is highly complex and difficult to draft.
Communication: In case your contract lawyer is required to go back and forth with you so as to clarify the elements of the contract and get your feedback, it could be expected that the cost would be increased.
Revision: After getting the document and deciding that there are changes required to be made, would likely increase the overall cost for the document.
Location: A Contract lawyer in major metropolitan areas would most probably charge more than a lawyer in a rural or suburban setting.
Firm: When a lawyer works for a firm, it would impact the charges as well. Firms would often set prices on the basis of their collective experience, overhead, and prestige.
Keeping Costs Down
There are some steps you may take to keep the preparation fees down. These include:
Looking for contract lawyers who offer consultations for free
To outline the document in advance, it must be made clear to the advocate as to what you wish for, hence reducing number of changes required to be made
It would be helpful to select a lawyer who offers flat fee contract drafting than one who charges an hourly rate
You may search for a lawyer outside of big cities
Conclusion
When managing a business a number of documents are required to be drafted including documents such as shareholders agreement or any other document related to the working of the company. In order to have your documents drafted or reviewed, it shall be helpful to seek assistance of an experienced advocate who could help you draft as well as interpret the required contract. .
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