A client called me to discuss some issues he was having recovering a rather large loan he had made.
Naturally, one of my first questions was whether he had a loan agreement. He sheepishly admitted that he didn’t have any documentation at all. When pressed, he admitted that he was scared of the likely legal costs of a loan agreement.
Interestingly, his assumption was that the cost of a loan agreement would be five times what I think it would cost – a cost the borrower should have paid anyway! However, he never asked for a quote or advice so he didn’t learn he was wrong until it was too late.
In any case, the amount lost as a result of this ‘saving’ (by not getting advice and a loan agreement) looks like it will touch a million dollars.
I understand that legal fees aren’t cheap. However, mistakes and poor documentation can be many times more expensive.
At Lewis O’Brien & Associates we strive to add value. Contract Reviews allow us to share the benefit of decades of experience with clients at a low fixed price. Our agreements are drafted to maximise your returns, avoid complications and provide cost effective remedies when things do go wrong.
We strongly believe that we can add value to your next purchase or sale, private loan, joint venture or development project.
Please call us for a quote – you may be surprised that the price is lower than you fear and equally surprised at the opportunities our experience can create to add value.