Whether you sell real estate, whether you are a private contractor, whether you loan money to family or friends – always get the terms of the agreement in writing. The hard part is plowing through what could be uncomfortable for the self-employed. However, a signed contract or agreement will protect both you as an entrepreneur and a client.
Capital Concierge shared an experience about how – although there was no agreement in place – it still worked out,
I fast discovered my friend and I were not on the same page! Suddenly, we found ourselves in a disagreement because there was no agreement. I didn’t know what to do. I value my friendship with this person and didn’t want the relationship damaged yet, I had my expectations of the event too. The truth is, there wasn’t much I could do. The real problem lied in what I didn’t do, taken the time to go over the agreement to engage which includes the roles and responsibilities of all parties involved.
Thankfully it all worked out in the end, but still drives home the point that when you get something in writing it can hold up in court!
This is a good tip for anybody who is into partnership or any other kind of joint business. An agreement could save you from lot of miseries later.