Episode #5- “Contracts”
One aspect of business many business owners including myself hate dealing with is the paperwork. A very important part of this paperwork is contracts.
Contracts serve several purposes in business,
- the first is to identify the parties entering into the agreement.
- the second is to layout the responsibilities of the parties included in the contract
- the third is to clearly state the previous, and serve as a point of reference should any issues arise and legal actions need to be taken.
I’ve had clients sign contracts and attempt to makeup new terms on the fly, but I always direct them back to the contract. My favorite line is “I understand that Mr Smith but if you refer to your contract it clearly states….”. I’m not sure if they don’t fully read over the or if clients just don’t care what’s written in the contract.
If there are misunderstandings when there are contracts in place, can You Imagine the types of disagreements that can arise when there is no contract between 2 parties? I hear about word of mouth “contracts” gone bad everyday.
Special thanks to SMU law student Vicky N. for her input on Episode 5.
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