An Ounce of Prevention or A Pound of Cure?

Benjamin Franklin certainly had it right: An ounce of prevention is worth a pound of cure. In the business arena, judicious application of this principle can save you thousands of dollars in legal fees plus immeasurable amounts of anger, frustration, and distraction from productive business.

More forecasters agree that the Inland Empire is entering an economic "boom" cycle. This is great news for those who have been struggling with the slow (or nonexistent) economic activity of the last several years, particularly in the real estate field.

Unfortunately, the benefits of this "boom" can be easily lost if you are drawn into unnecessary legal disputes. Fortunately, the exercise of "an ounce of prevention" should allow you to avoid many problems.

For example, before entering into that next lease, purchase contract or other business agreement, have your standard form contracts reviewed by your lawyer to ensure that they comply with all current legal requirements. Before signing that real estate sales contract or opening that escrow, have all relevant documents reviewed by your lawyer to ensure that they fully and accurately set forth the agreement you intended to make. And, even if the documents have already been signed, it is still not too late to avoid legal problems. Have those documents reviewed by your lawyer now, and devise a strategy for dealing with potential disputes before they occur.

Contract review of this type usually involves a modest legal fee, often less than the fee charged to file a lawsuit. By acting now, you may avoid an expensive, and unnecessary, "pound of cure."


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