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Ten things every business owner should check before signing any contract. Print this checklist and keep it on your desk.
Contracts often define terms in ways that differ from everyday language. Look for a "Definitions" section and make sure you understand what "Services," "Deliverables," "Confidential Information," and other capitalized terms actually mean.
If only you are indemnifying the other party — and they are not indemnifying you — you are taking on all the risk. Push for mutual indemnification.
If so, know that non-competes are largely unenforceable in Oklahoma under 15 O.S. § 219A. But don't ignore them — you may still need to litigate to get out of one.
Arbitration means giving up your right to a jury trial and usually your right to appeal. Make sure you're doing so intentionally, not accidentally.
If the contract says "governed by Delaware law, disputes in Delaware courts," you'll need to hire out-of-state counsel. Negotiate for Oklahoma law and Oklahoma courts.
How do you get out of this contract? Look for termination for cause, termination for convenience, and the required notice period. If there's no exit, that's a problem.
Many contracts automatically renew unless you cancel during a narrow window (often 30–60 days before the renewal date). Calendar the opt-out deadline.
If the other party's maximum liability to you is limited to "the total amount paid under this contract," your recovery for a major breach may be minimal.
If someone promised you something in a meeting or email but it's not in the contract, it likely isn't enforceable. Get it in writing before you sign.
This is the most important item on the list. An attorney can spot issues you won't. The cost of a contract review is almost always less than the cost of a contract dispute.
Addison Law Firm provides contract review and general counsel services for Oklahoma businesses. We can review your contract and identify risks before you sign.
Schedule a ReviewThese resources provide general information. For guidance specific to your situation, contact Addison Law Firm.