Starting a Business • Part III: Safe-guard your product
Every good business owner is watchful of the company’s overhead. But the old adage of being a “penny wise and pound foolish” rings true when a Company attempts to save the cost of attorney upfront on a deal only to pay a higher cost in legal fees to resolve a dispute that was not originally or properly documented at the beginning of the deal. To save cost Company’s will sometimes pull boilerplate agreements from the internet and fill in the blanks to serve as a temporary need. However, when a deal goes wrong the agreement is the only document that the parties can turn to in hopes that it includes terms that cover the current dispute. Take the time to meet with your attorney if you are entering into OEM, Licensing, distribution, private-labeling or manufacturing agreements. Having an experienced attorney who understands your business and who can set up at the beginning the necessary terms to protect you and to provide for the risks factors that should be included in the deal.