A business settles and finalizes its deals with contracts. These are the written documents that represent a business’s risk management and are signed to prevent future business litigation. Contracts are used for deals like new partnerships, confidentiality agreements, shareholders agreements and customer contracts. In more simple terms, a contract is an agreement to do something in return for something else. Written contracts are the basis for trust. They serve to completely communicate the expectations of both parties so there is no room left for misinterpretation. A verbal contract is not enough protection, how would you prove that a contract even existed?
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