

Every new business venture starts with business contracts. A business contract is a legally binding agreement between two or more parties. The goal is to have agreements that set clear expectations. This means all parties understand and agree to the arrangements, obligations, and responsibilities detailed in the contract.
You have to handle business contracts almost immediately. When you start a business, you’ll need customer service agreements, lease agreements, vendor contracts, etc. Hence, my first bit of advice, to any budding business entrepreneur, is to invest time and some dough to find a good attorney. One that is familiar with contracts and your business. Trust me this could save you lots of grief, and money, and potentially save your business!
I often refer to my contracts as “prenuptial agreements.” In the throes of negotiating contracts at the beginning of a long-term relationship, you are happy and excited about your future together. Nobody likes contemplating a divorce, but the best time to talk about it is when you still like each other and not after you are throwing things across the room at each other.
So, “why” you need a contract is to establish ground rules and explore all the “what if” scenarios, just in case things don’t work out as anticipated. Ask the tough questions NOW, not during the divorce or litigation! I found that if I had a good agreement and all the parties understood and agreed, then we never had to go back to it. And that, my friend, is the goal of any contract!
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