Why do Small Business Owners need a Written Contract?

Why do you need a written contract?

A contract must be in writing to be enforceable. And, it should be signed. 

“Get it in Writing”…. Never get in to a business deal without spelling it out in black and white. 

What went down during a business meeting, a negotiation or a bargain? Deals are made everywhere, in boardrooms, over the phone, zoom calls, at a play date, during a luncheon, or through third parties. Do you remember all the details you discussed? Is your recollection an accurate deception of what was agreed to? God forbid your memory failed, you both understood it differently, the pricing wasn’t straightforward or you need to be paid in installments.. These are extremely important details that should be spelled out in ink. 

Better Relationship with the other party

When you have clearly spelled out what is expected from you as a service provider or a supplier, the other party knows what to expect from you. This gives you the power to negotiate a better deal.. You are telling the buyer “you are getting what you paid for”… The Buyer will appreciate this transparency. There are no hidden surprises. 

Avoid Contract Disputes  

Define Define Define the scope, responsibilities and parties involved. 

Limits Liability

Limit the exposure you can face in the event a lawsuit is filed. There is a cost for everything. Time is money.

Protect your Work Product

Protect your Work Product and, Ideas from being Stolen – Your Work Product if your Intellectual Property. You labored over it, worked hard to grow your industry knowledge, and carefully curated a great business idea or a product. This is your bread and butter. This is what the customer pays for. Do not let anyone steal it. Put that down in writing. 

Hire an expert to Draft your Contract

WHY? Because Contract Drafting is an Art. Contract Law varies from state to state. And drafting a good business contract is complex and time consuming.