CONTRACTS

As a business you enter-into contracts with every customer or client you have. If you sell retail, you have an IMPLIED contract to provide a product or service that is in acceptable condition, and that represents the value charged. In many businesses you have an ORAL contract where you agree verbally to do something for a stated amount of money. Both implied and oral contracts or agreements are usually for small amounts of money, and while you could sue for compliance it is generally not worth the cost. When you are providing services or equipment or other items of much greater value you will probably enter-into a WRITTEN contract. You can write your own contract or use a generic contract from a website or if the value in exchange warrants it you should use an attorney. Contracts are designed to define the responsibilities of both parties, define the scope of work, and provide remedies if there are issues.