EVERY BUSINESS RELATIONSHIP NEEDS AN AGREEMENT, AND HERE’S WHY:
Agreement is a sign that parties to it are serious minded and mean to keep every part of the agreement.
Also, an agreement shows that parties involved understand the legal implications, consequences that follows if and when they default, which is one reason you should not sign any agreement without getting your lawyer involved.
You may like to see 4 REASONS YOU SHOULD NOT SIGN ANY AGREEMENT WITHOUT INVOLVING YOUR LAWYER FIRST
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Signing an Agreement therefore shows that parties do not object to it, it further proves consent, knowledge and authorization.
There are a lot of people that see agreements as being much of a trouble and would rather transact business or do anything out of “trust” with a fellow human being.
The saying “The only trust to have with another party should be the one in black and white” by Precious Toju is the truth, the whole truth and nothing but the truth.
Now, this is why every business relationship needs an Agreement
- Humans are vulnerable:
Every human being is vulnerable (including yourself) and this is why you need something to put in black and white to give you and your business or contracting partners a sense of obligation and responsibility with the readiness to face the consequences if not strictly adhere to.
- It is a Plan B for eventualities:
Have you ever considered any “what if this” or “what if that”during any business transaction?
You see all those questions you asked and even the ones you do not ask when transacting business with another person (be it a human or legal person) is what an agreement covers and provide remedy for especially when it is duly drafted by an experienced lawyer.
Just in case you didn’t know, having an Agreement is a Plan B on ground. The truth is, life is full of surprises and only a fool will not have a Plan B, especially in a business transaction.
Remember, the 10 virgins?
Please note, they were virgins, innocent and holy, yet, some were wise and others foolish, and their foolishness cost them the bridegroom that they have been waiting for… for a very long time.
By the time they went out to explore a Plan B, (get an extra oil for their lantern) it was already too late and the doors shut against them.
Having an Agreement is preparing you for all the “what ifs” because eventually, there are and will always be “what ifs” and you don’t just want to start mapping out a Plan B when you are already sinking.
IT IS THE “what ifs” THAT AN AGREEMENT SEEKS TO PROTECT.
Don’t be like the 5 foolish virgins
- Seriousness and Structure:
“Whatever does not have a well-defined structure is bound to fail, it’s just a matter of time”………. Precious Toju
When you have an Agreement for your transactions, no matter how small you think that transaction is, it shows the following:
?that you are serious minded,
?you know what you are doing,
?you have an understanding that every transaction counts and should be treated professionally
You can’t afford to rule this things out.
▪There are some large scale enterprises or some highly placed people that will not transact business with you because they feel you are not serious minded.
▪There are people who will toss you to and fro because you do not have a well-defined structure and this will make them throw anything at you.
Having an Agreement for all of your Business transactions, could be as simple as having a form, invoice, a receipt etc.
It does not have to be a complex 20 pages agreement, even if it is a page or two, as long as the necessary Legal Ingredients are there, then that is fine.
The bottom line is…
Get an Agreement for all your transactions and structure your Business properly.
Structure is key ?
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