Have you signed a contract?

Have you signed a contract?

Starting work with a new client/supplier/investor may be an exciting experience, however, who knows if the relationship stands the worth of time and the paperwork isn’t in order how might this affect the business relationship in the long run?

It is important to ensure you are covered and the other party has a clear understanding of the working relationship between you both. It is also important to outline each party’s roles in gaining great success for both parties. From our personal experience, here are some points which may help you agree and maintain a healthy working relationship and continuous business connection.

Do yourself a favour. Only ever start working together once you have signed a written contract. Use standard business terms and conditions along with a Letter of Engagement. The letter takes about 15 minutes to write up and send. (Happy to work with you to help you get a contract in place.) We all have digital technology. They are able to sign, scan and return immediately by email if they are keen for you to start work straight away.

Tip: No scanner? Most cameras on smartphones are high enough quality to get a digital version in place while the hard copy is in the post

Breathe, pause, think and THEN respond. Refrain from succumbing to pressure or desperation to help this new business relationship straight away. If the other party is serious about working with you, they are dedicated to signing the documents – yours or their own so everyone may start to work protected from the outset.

Without a signed contract, or one never even provided, your position may be far from clear. Yes, should for some reason you go to Court you because you never set up a contract and now you are disputing, you may prove you did work for the client with emails, timesheets, documents, meeting notes, etc. then the Law applies. However, your legal responsibility may be to ‘mitigate my losses’. You have a duty to replace the lost income. You may only go after the client for actual income lost only by evidence.

With a contract, all in place from the beginning, this concern, extra court time, and stress may be completely eliminated. Do yourself a favour, keep your health and happiness intact and start with a written contract from day one.

You will thank yourself in the end.