A Cost Effective Way To Avoid Risks When Signing Business Contracts
For Singapore businesses, engaging a lawyer is always a good idea especially if a matter involves a substantial amount of money or involves substantial risks.
For example, if you are about to enter into a large contract it may cost you far less to engage a lawyer to draft/review the agreement and advise you than failing to do so. Sadly, a lot of people that we come across, have ended up getting caught in a bad deal.
One example is when a business contract is no longer valid.
Partly because – when things started out, a lot of them rely on their feelings and trust. It’s also a known fact that sometimes, you don’t know who you can or cannot trust.
When a matter is already contentious and on its way to Singapore Court, it is always useful to have a lawyer as trying to litigate the matter yourself may be complicated.
Further, unless you are familiar with the law, a lawyer may be necessary for you to even understand whether you even have a case or not. Assuming you do not have a case, your instructions to your lawyer would be to find a way to settle the matter for you, which may be better for you to negotiate through a lawyer.
Ultimately deciding whether to engage a lawyer will require you to perform a cost benefit-analysis. In this regard, you will most likely find it more worthwhile to engage a lawyer to assist you with more important and larger matters.
This is opposed to smaller less important ones whereby it may be more cost effective to run the risk of not having a lawyer. An important consideration in this equation is of course the cost of engaging a lawyer.
Make Informed Decision To Avoid Costly Mistakes
As this ultimately varies and depends on your matter, you should consider talking to a lawyer to find out what this cost would be so you can make an informed decision on whether or not to engage a lawyer.
Engaging a lawyer will cost you money, however doing so earlier rather than later can help you avoid making mistakes which may be more costly and more likely result you having to pay higher legal fees to resolve.
Just like seeing a doctor, prevention is better than cure, and a simple check up is far less costly than an open heart surgery.
If you are considering finding out more about how a lawyer may be of assistance for you, please feel free to contact us.
It is not uncommon for individuals and businesses to shy away from lawyers for fear that they may end up having to pay a huge bill. However totally shunning legal advice until a serious dispute arises may not be wise and can end up costing you far more in future.
A Simple Mistake Can Render A Will Void
For example, some individuals believe that they do not need a lawyer to draft their own Will, as they believe they can do it themselves.
While it is indeed true that anyone can draft their own Will, there may be nuances in the law or technicalities to comply with to ensure that the Will is made validly and is clear.
For instance, a simple mistake such as having a beneficiary sign as an attesting witness would render the gift to that attesting beneficiary void. Poor use of wordings in a Will could result in beneficiaries fighting and going to Court over the meaning of the words.
Furthermore, not all property such as CPF monies, or land held under a joint tenancy is able to be passed by way of a Will. As the cost of making a Will these days are relatively inexpensive compared to the potential trouble and expense it would cost if not done properly.
Making a Will is one example where engaging a lawyer early – makes a lot of sense.
