Banking & Financial Services Attorney in Minneapolis, Minnesota

How Can Corporations Save on Legal Costs?

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The best way they can save money – well, there’s two ways. It’s an ounce of prevention, pound of cure. So, you need to get good form documents in place. If your nature of your contractual relationships with your customers allows you to have form documents; if you spend a little time – ounce of prevention – creating a good contract that you can use down the road, that makes a huge difference.

So that later on, when something bad happens, and they say, “Customer won’t pay,” and I say, “Well, is there a force majeure clause?” Because I had this really happen – because the – 9/11 happened. A customer then said, “You didn’t make your timing requirement.” And I said, “You know I think our standard contract has a force majeure clause in it.” And then, sure enough, it did, and then, the guys paid. Because you’re not going to get a better force majeure than 9/11.

So, having a good standard contract actually saves you money. And you want – we want to create one that’s modular. Sometimes, we’ll put different provisions in for different situations. But it’s a – that upfront time saves a lot of money down the road.

Minneapolis business attorney Stephen Yoch of Felhaber Larson explains how corporations can save on legal costs.

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