Whenever you are about to enter in a contract, hire a lawyer.
- Ask all the questions, both stupid and smart, about the contract.
- Try to keep in mind that the words on the contract are just half of the story.
- The other half is the law, wether its encoded in code or case (case-law).
- Good lawyers add value in the intersection of the 2 items above: they can determine how the combination of Laws and particular contract terms can be under different scenarios, for you or against you.
- Suggest that your counter-party hires a lawyer too.
- A contract that is better aligned limits the pressure in a potential argument, by reducing misinterpretations.
- This is why it's better to discuss scenarios while they are hypothetical. Later on, when situations materialize, scenarios turn into real money and power.
I am quite impulsive, and historically I did not care enough about the legal side of things. As a result, I have lost real money in a few situations.
Trust and optimism is fundamental, but it's smart to exercise your right for protection. When you're at the negotiation table, save a seat for the Law.