Entering into a bilateral contract in the USA, let alone in Chicago, can be an overwhelming undertaking. The law is complex, and, therefore, the legal landscape takes a savvy expert to traverse. Chicago’s municipal regulations are often strict. As an executive, you need an experienced legal mind to ensure your contracts are in full compliance with the current federal, state, and local statutes and laws. Moreover, since an executive’s career is usually in the balance whenever they are called upon to enter into a bilateral agreement with another individual or entity, they must have an attorney who can anticipate the foreseeable risks.

A bilateral contract is a legally binding agreement between two parties that outlines the conditions for each party to abide by in the agreement. Whether you are the purchaser, the seller, or both, the terms of the contract must be fulfilled or breached and the consequences set out within the terms.

In this article, we will explain what's involved in entering into a bilateral contract in Chicago, how to make sure your rights and interests are protected, the common legal traps to watch out for, and how UpCounsel can provide assistance to executive-level professionals for creating sound contracts.

What is Involved in Entering a Bilateral Contract in Chicago?

Contracts in Chicago are subject to state laws as well as any applicable local laws. Generally, these contracts must outline the offer for a legal exchange between two parties. This offer should be explicit and cover the details of the exchange such as payment information, delivery of goods or services, and any other applicable factors.

Furthermore, other contracts must include other legally binding language such as how and when the contract can be terminated, non-compliance with the terms, and how disputes can be settled.

How to Protect Your Rights and Interests

When you enter into a contract with another individual or company, the terms of the agreement must be incredibly specific. It is essential to hire an experienced attorney to draft the contract as their complex understanding of the law can provide protection from legal or financial liabilities. They can also help to negotiate the terms of the contract on your behalf.

The contract should also outline the potential risks associated with the agreement, such as a dispute or a breach of the contract terms. Additionally, the contract should cover the actions that you can take if the other party breaches the contract, such as filing a lawsuit or using an alternative dispute resolution mechanism.

Common Legal Traps

Contracts should also include provisions known as “boilerplate” that covers any potential changes, modifications or rescissions of the terms outlined in the agreement. Unfortunately, sometimes a contract will omit this language, leaving you vulnerable to legal or financial burden.

In addition, contracts should list any applicable warranties so that both parties are aware of the agreed-upon quality of the goods or services to be exchanged. Furthermore, contracts should include details of the remedies the parties can pursue if one or the other does not fulfill their obligations.


Creating sound contracts is an exhaustive process that requires a thorough understanding of the legal landscape in Chicago. That is why so many executives turn to UpCounsel for their legal needs. UpCounsel provides rapid access to top Chicago attorneys and their extensive business expertise.

Whether you are entering into a single bilateral contract or multiple ongoing agreements, UpCounsel’s experienced lawyers have the knowledge and access to provide high-quality support. In addition, our attorneys have an average of 14 years of experience, and each attorney profile includes important information such as client ratings and reviews of their recent work.

In summary, when it comes to creating sound legal contracts in Chicago, it is essential to have an experienced attorney by your side. UpCounsel’s network of experienced attorneys has the knowledge and expertise to ensure that your bilateral contracts remain enforceable and your rights are protected.


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