Whether you are buying or selling a business, hiring a contractor for a renovation, signing a lease or starting a side venture with family, contracts shape major financial decisions. Yet it is easy to skim the fine print, rely on an online template or assume an agreement reflects what was verbally discussed.

To help readers better understand contracts and what to consider before signing, Community Impact partnered with Paul Simon, partner at Simon Paschal PLLC, to discuss contract drafting, review and how legal guidance prevents costly problems.

What are some of the most common misconceptions people have when working with contracts?

Simon: One misconception is that if a contract looks simple and both parties agree on general terms, there’s nothing to worry about. Another is that language only matters if something goes wrong. In reality, you never truly know if an agreement is good enough until a dispute arises. When everything runs smoothly, no one looks closely at the text. It’s only when someone feels they aren't getting what they paid for that everyone checks what the document actually says.

There’s also a misconception that contract disputes always stem from intentional wrongdoing. Often, the issue is simpler: both parties overlooked important details when signing or had different understandings of the terms.

What are the biggest mistakes people make when drafting and signing contracts?

Simon: The biggest mistake is assuming the written agreement matches your verbal conversation. People often gloss over dense legal terms and trust that the document reflects what was discussed—but if a dispute happens, a court only looks at what is written on paper.

Another major oversight is assuming the other party fully understands the document. Often, neither side really knows what is in the fine print. Lastly, people frequently wait until after signing to consult a professional. Once you sign, you’ve legally bound yourself. Trying to fix a bad contract after a dispute breaks out is far more expensive than having someone review it beforehand.

At what point in a transaction should someone consult an attorney?

Simon: Always prior to signing. Once you sign, you are legally bound to those terms. I equate legal review to routine auto maintenance. Getting an oil change costs a little money up front, but ignoring maintenance until you blow the motor makes repairs exponentially more expensive—if it can be repaired at all. Having a lawyer review a contract beforehand saves significant time and money compared to fighting a bad agreement after the fact.

What role does an attorney play in reviewing a contract?

Simon: Real-world negotiation experience. For example, if you’re entering an agreement with a much larger entity, they rarely agree to rewrite their standard contract. An attorney knows which clauses are realistic to negotiate and which ones are true dealbreakers. Instead of pushing for excessive changes that can stall a deal, we help you focus on key provisions that protect your biggest interests.

Is AI a reliable shortcut for drafting or reviewing contracts?

Simon: AI provides decent general overviews, but it lacks strategy and negotiation experience. If you send back an aggressive, AI-generated redline asking to rewrite every clause, the other party will likely reject it—stalling the deal. In fact, asking a lawyer to review an AI's contract analysis usually takes longer and costs more than having the lawyer review the original document directly.

Why should readers choose Simon Paschal PLLC to help with their contracts?

Simon: We take a practical, client-driven approach focused on getting deals done rather than overcomplicating them. We aren't like traditional big firms that generate endless hours of research or push for unneeded rewrites; our goal is to deliver clear, actionable advice efficiently. Whether you need a targeted review before signing or custom drafting for a major venture, we ensure you have complete peace of mind before signing.

Two smiling men sit relaxed in brown leather chairs on a wood floor against a white wall.

Ready to get started?

Whether you are preparing a contract or reviewing an agreement before signing, having a knowledgeable attorney on your side protects your interests and prevents costly disputes down the road. To schedule a consultation or learn more about contract drafting and review services, reach out to the team at Simon Paschal PLLC.

The above story was produced by Multi-Platform Journalist Chloe Chapel, with Community Impact's Storytelling team, using information solely provided by the local business as part of their sponsored content.