Hiring a good commercial real estate law firm from the beginning of any construction project or development is crucial to making sure everything go smoothly. Commercial litigation can get very expensive, very quickly. If you are starting a project that in any way involves commercial real estate, here are four important reasons to make sure you have a commercial real estate law firm on your side right from the beginning.
The American Arbitration Association had to administer 551 construction cases in 2015 that had claims of $500,000 or more. The largest case they mediated that year was for $2.6 billion, and the largest arbitrated case was $96 million. The largest claim ever resolved by one arbitrator alone was for $232 million, while the smallest case?overseen by a panel of three arbitrators?was still for $23,000. Despite contracts and agreements, things can turn sour fast. When they do, you need a commercial real estate law firm on your side to keep the damage to a minimum, and possibly avoid it altogether.
The best way to avoid all damage is to have a construction attorney on board before you begin a project, to make sure that contracts, agreements, and leases are reasonable and fair. Not surprisingly, a commercial real estate attorney has a lot of experience dealing with contracts, arbitration, and litigation, sale and lease agreements, and property management issues, so they are able to give good advice before and during all commercial negotiations.
It can be a nightmare to try and navigate all the regulations, development laws, and zoning issues in any commercial project. A commercial real estate law firm will know exactly what questions to ask and where to find the answers, so that you can get to work as quickly and efficiently as possible. A good lawyer will be able to represent and assist you in everything from financing to lease drafting, title examination and plot use, land development to sales.
A breach of contract claim can be filed several years after a project is finished, taking you off guard. If a business litigation attorney has been with you since the beginning, they won?t have to waste time being brought up to speed and may be able to deal with the issue before it becomes serious. A 2005 review of civil cases found that in jury trials, the plaintiff won 54% of the time, while in bench trials they won 68% of the time. If it?s possible to arbitrate a dispute, that?s usually fastest and easiest, and a commercial real estate law firm will be able to negotiate effectively on your behalf.
As a commercial real estate owner, developer, or contractor, you have rights. Make sure those rights are protected by having the best legal help on your side.