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Episode #5- “Contracts”

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.

For any questions you can email me at BusinessConsigliere@gmail.com

Take a moment and leave a comment below.

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Your Business Consigliere

Victor Adetiba

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2 responses

  1. Kenisha

    Great information. I have been in a situation where an owner of a venue refused to sign an agreement with me and stated if we could not work off of just trust by an oral agreement we could not do business. I did not accept not having a contract involved. A better venue came right around the corner and they had no problem signing a contract!

    April 15, 2011 at 4:12 AM

  2. I’m highly impressed with your writing skills and also with the layout on your weblog. Is this a paid theme or did you customize it yourself? whether way keep up the nice potential writing, it is rare to see a great blog like this one today.

    April 15, 2011 at 3:23 PM

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