You do not need to be a business attorney to be able to tell freighting stories about handshake deals gone wrong. Countless entrepreneurs and small businesses will tell you that a handshake deal and the auspice of trust will be the biggest catalyst for your business’ decline or downfall. And why?
Some entrepreneurs might say that handshake deals expediates the deal or transaction or that they were afraid that a properly drafted legal contract might scare away the other party. These aren’t reasons that warrant your small business risking thousands or even millions. If the idea of an agreement scares away the other party, it was probably for the best.
Due to the efficiency of online legal service providers and specialised and experienced business attorneys, business contracts can now be drafted, signed and implemented within as little as a few days’ time (If you have the right legal partner). If a few days or a week prevents the deal from happening, the deal was probably too rushed or too good to be true in any event.
Entrepreneurs must ask themselves the question: whether paying R2000.00 to R6000.00 for a professional binding legal agreement is worth avoiding losing thousand and millions of Rands through the other party not performing as agreed or on subsequent legal fees. We already know the answer to this.
Well drafted and considered agreements prevent possible conflict in the future, reduces complications and ensures that all persons included in the deal are kept to the terms agreed upon when it was first created.
Uncertain whether you require a legal agreement to be drafted? Contact Wizer today to assist you in your decision making https://wizersa.co.za/contact-us/