It’s a new year and time to ensure we are not short changed in all business transactions either with friends or strangers. One sure way of making this happen is to ensure that there is a record of all agreements; putting it in writing.
A written agreement plays a vital role in any business transaction; it makes the agreement between concerned parties legally binding, serves as future references and proof in the event of misunderstandings, complaints or disputes needing litigation proceedings.
It is said that women generally believe that women take business transactions casually and generally believe that a gentleman’s agreement is enough especially when dealing with friends and family.
Women especially those just starting a business must ensure that they put their business transactions in order and recorded as it protects them from future issues.
A written agreement is important because it can serve as proof of details on whatever agreement the parties mutually consent to; it also creates a mutual understanding of the agreement between the parties and serves as legal proof.
Written agreements prevent misunderstanding because it gives each party the chance to read, have a clearer understanding of the terms or conditions and also seek professional advice if need be.
It also provides security, boosts confidence and create security and peace of mind for parties,; it gives protection to the parties involved when the agreed terms or conditions are not followed or are breached.
This can guarantee confidentiality in sensitive transactions because it gives
the opportunity to agree to confidentiality and non-disclosure provisions protecting sensitive information. This clause forms part of a written agreement as parties are legally bound to hold in secrecy information about the transactions involved and the information shared among them. Any party that violates this confidentiality agreement would be held liable under the agreement.
Written agreements help to curb expensive litigation proceedings that may arise from a breach of agreement. The written agreement will be used as a general reference on what the parties have agreed and determine who is at fault because it is legally binding on parties. It also helps to reduce litigation period as it simplifies the issue at stake
It also serves as official record of the business agreement. It is the official record establishing what the parties involved agreed on and conditions on who or when to terminate a contract.
Women must consciously take business transactions serious this year by having written and binding agreements.
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