So many discussions, conversations, ideas, and suggestions happen in the course of your business every day. This is a friendly midweek reminder to start writing them. See the conversations to a conclusive end, and ensure you execute contracts.

Why?

1. Written records provide context and historical evidence.
2. Contracts act as a single point of reference, and a defense in the event of arguments and accusations. You will also find most contracts stating that the content of the contract is what was agreed by the parties and supersedes all prior oral agreements. Therefore, anything excluded from the contract cannot be raised at a later stage.
3. In many cases, it is the best way to protect confidential information and secrets you reveal to another person.
4. As a small business owner, freelancer or service provider, it improves the other party’s impression of you when you are contacted for your services and you already have a contract.
5. Finally, a well drafted contract will provide a way of resolving disputes. This is one of the biggest issues, and a reason why you should engage a lawyer around you. When you copy a contract off the internet, the dispute resolution clause was not drafted with your contract in mind, it was also not drafted with your country/locality in mind. You could make costly mistakes.