Many of you may be familiar with the phrase—“show me the receipts”—made popular by the incomparable Whitney Houston during her infamous interview with Diane Sawyer. Basically, it means show me evidence to back up what you are saying. This phrase is also applicable to contracts and why you need to get agreements in writing.
“Get it in writing” is the broken record I find myself repeating to clients when they want to enter into a deal or provide a service. “Was there a contract?” is what I ask when deals have soured. Contracts are helpful at the beginning of an agreement, but are MOST helpful when deals go south and you need to check the receipts! If you are working without a contract, even on periodic jobs, you may be setting yourself up failure; if you are a client with no terms to what you are agreeing, having no contract can backfire!
Do you still need reasons for having a receipt for your arrangement? Fine.
Here are five quick reasons why you need a written contract:
1. Sets out the terms of the agreement: who, what, when, where, why, and how much
2. States where and how disagreements will be resolved
3. Shows who will be liable for what if things go down
4. Informs both sides on know how to get out of the arrangement
5. Gives you peace of mind because you have the agreement in writing
Remember: a contract does not have to be in writing to be enforced by a court, but it can save you a ton of Real Housewives drama! It is wise to get an attorney to draft, review and negotiate your contracts.
Contact Ibekwe Law for your contracting needs.