Contracts? Why so Important?
A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies. As most of us know we must sign a contract when getting a hired for a job and usually it’s a lot of legal documentation. That documentation is very important and is usually always very detailed with the can and cannot’s of the work or work to be performed. It’s very important for a individual as well as a company because contracts can save you a lot of time as well as money; and provide insurance for you as well. For example, let’s say your an artist doing some work for a client and they agreed verbally to pay you once the job is completed and let’s say you get 85% done with the project and they pull out at the last minute. Well, now you’ve probably used a lot of money and spent a lot of time doing work for someone that just pulls out at the last minute and now doesn’t want to pay you for the time spent already.
So with a contract you can write down your own rules like depending on how much of the job is completed you still have to pay the full amount because your time is valuable especially when it comes to business. When you make a verbal agreement remember it will be harder to prove that you all ever had an agreement. Even in court. So having everything down in paper and even making a copy of it is always the best solution. Always keep the contracts in your file and never throw them away, you never know when or if you may ever need them again. Please note, that if you have a good lawyer to help you review a contract, then your better off than having a lawyer who doesn’t know the terms of agreement like they should. Also, also questions and thoroughly read all the contact to make sure you know what your getting into before signing anything. I will be adding this to Business Tools page soon and will have it more broken down in detail describing what you should have on a contract and what to look for before signing one. Thanks for reading and let me know if you have any questions regarding this topic please feel free to ask.