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Yes, a contract is vital for small businesses, too

Since you have a small business, you might not see the importance of creating contracts, especially if you have only one or two people that you work with or rely on. It's usually a good plan, regardless of past successes, to work up a contract whenever you work with someone that could affect your business.

Not all contracts have to be complicated or complex. A contract can be as simple as explaining what you expect to receive and when or the tasks you'll perform and the compensation that you'll receive in return. A contract also usually has sections outlining what happens if you or the other party can't complete the contract as written.

Why is it important to have a contract?

Without a written contract, all you have to go on is another person's word. Yes, some contracts can be oral, but they're hard to prove in court. For this reason, having a written contract can be beneficial, especially if something goes wrong, and your agreements are affected.

Contracts are legally binding, which means that you and the other party will need to abide by the terms of your agreement. You can include clauses to dictate what happens if one of you doesn't uphold your end of the arrangement. Some people opt to put in fines, while others might have arbitration or mediation clauses to protect them from a lawsuit and trial.

Our site has more on contracts and why they're a good idea for anyone running a business. A good contract makes a difference and protects your best interests.

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