A longtime friend called me for advice earlier this month, and our conversation reminded me of how having an attorney review even a simple draft amended agreement can be so…. worthwhile.
We are asked to sign agreements on a regular basis. I am sure that to most people it doesn’t seem worthwhile to have the draft agreement reviewed by an attorney. The delay and the expense seems unwarranted, not worthwhile.
However, consider that an experienced attorney can often review and advise relative to a draft document in an hour or less! So, having a draft agreement reviewed is something that can and should be accomplished quickly and affordably.
My friend called on behalf of a friend of his who had reportedly signed an agreement which amended a prior agreement. Reportedly a sentence from the prior agreement had been left out of the amended agreement – the absence of which was now going to cost the signer $200,000.
An attorney could have carefully compared the prior agreement with the amended agreement, would have pointed out all the changes, including the omission of the all-important $200,000 sentence.
So, here, assuming that the signer had not intended for the single sentence to be omitted but signed the amended agreement because she was unaware of the omission of the sentence, had the signer retained counsel to review the draft agreement and had counsel pointed out that the sentence was omitted and restored it to the amended agreement, the signer would have benefitted to the tune of $200,000.
With all due respect, failing to have the draft amended agreement reviewed by legal counsel was penny wise and pound foolish, and if the facts given to me were correct cost the signer $200,000.
Quote of the day:
I can’t change the direction of the wind, but I can adjust my sails to always reach my destination. ~ Jimmy Dean, Musician and Actor