Once a contract has been finalized it is important that you do not continue to use the same contract year-in and year-out without having it updated. The law is continually changing, and as a result, your “excellent” contract from five years ago could be completely or mostly outdated today. Or your “excellent” contract from five years ago could be missing key laws that have been passed since the contract was originally drafted.
It is extremely important to have your contracts reviewed each year by an attorney. Not only does the law generally change in a year’s time, but your contract could be void because now it includes an illegal provision or it could be voidable because it contains a provision that used to be allowed, but no longer is allowed. In addition, your goals could have changed since the contract was originally drafted, and now your contract no longer meets your goals.