Benefits of a Written Agreement

Kekich Credo #80 - Be explicit and semantically precise in all communications, agreements and dealings. Summarize and write down important discussions… and make sure all sides agree. Putting agreements in writing avoids misunderstandings. Memories are fallible, and death is inevitable (so far).

Be explicit and precise. 

Explicit describes something clearly and in detail without leaving room for confusion or doubt. Precise means to be exact and accurate, being careful about the details. 

Putting agreements in writing avoids misunderstandings.

The terms ‘agreement’ and ‘contract’ are often used interchangeably.  A contract is a specific agreement with terms and conditions that are enforceable in court. A written contract ensures that all the terms of an agreement are documented. If a disagreement arises, the parties can refer back to the document in order to get back on track.

A written contract is a printed document that details what parties can or cannot do. Having your contracts and agreements formalized in writing eliminates any uncertainty about the terms of what was agreed between the parties. Written agreements are legally binding and differ from a verbal agreement since they are on paper and contain a signature from all parties of the agreement.

In order for a contract to be legally binding, it must include an offer that provides something of value from one party to the other. The offer must be clear and concise. The contract must also include the acceptance of the offer and the consideration of the offer. A well-drafted contract provides many benefits such as clarity in business relationships, agreements, and rights of all parties. 

A written contract serves a very specific purpose and can be adapted to particular circumstances as needed. It usually exists because both parties want to gain value and they want to formalize the terms of their agreement. 

A written contract provides proof of what was agreed between you and the other party.  It gives you peace of mind and security by having the terms of the agreement down on paper.  A written document helps to prevent future misunderstandings or disputes by making the agreement clear and precise from the very beginning.

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