Ask the Attorney: It feels like I just bought a new contract, but it’s actually been years ago. Is it still good? How often should I update my contract?
Whenever I speak to at alarm company events, it never fails that someone tells me their contract is more than 20 years old! I hope you’re not in that boat. It may seem self-serving coming from an attorney, but the law really does change fairly often, necessitating everything from minor tweaks to outright revisions. Not only do the laws on the books (statutes) change, but also every time a court case is decided involving an alarm company, there’s usually something to learn from it. It’s also important to pay attention to not just what’s happening in your state, but others as well, as those court cases can be persuasive in your state. So, that’s my long way of saying, don’t wait 20 years—or even five. Best-case scenario, you should have a relationship with an attorney and regular (at least yearly) check-ins on changes or updates to your contracts. If you can’t stomach that, at least update your contract every two to three years.