Many business deals are done by a handshake. Handshake deals work fine – until they don’t. Things go wrong in business. Relationships sour. Conditions change. Memories fade. And when they do, you’ll have to get lawyers involved to hash it all out, which will be harmful to the relationship and expensive. One of the first questions the lawyers will ask is, “Did you get it in writing?” If you’ve ever been in this situation, and you didn’t have a written agreement, you know that protecting interests and enforcing rights is much harder when there is no contract. A solid written contract can not only save money, but it can also strengthen a business relationship by helping avoid litigation altogether.
There are literally dozens of potential contracts your business may need. If you are a coach or consultant, start by getting a Client Services Agreement in place that spells out the terms of the engagement: what services you will be providing, when they will occur, how and when payment is due, etc. Have an attorney write or review the agreement to make sure you are not forgetting anything important or running afoul of any laws. Have both parties sign and date and keep as a reference. We create contracts for our clients every day.