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Modern Mentor

105 GID Get Contracts in Writing

Modern Mentor

Macmillan Holdings, LLC

Careers, Business, Management

4.3720 Ratings

🗓️ 19 October 2009

⏱️ 5 minutes

🧾️ Download transcript

Summary

Use simple contracts in business. Questions go to [email protected] or 888-WRK-LESS. Like what you hear? Help us out by writing a review at iTunes!

Transcript

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0:00.0

Steven Robbins here. Welcome to the Get It Done Guys quick and dirty tips to work less and do more.

0:09.4

Today's topic is building close business relationships. The quick and dirty tip is to get it in writing.

0:16.4

I do business on a handshake, and I've always liked the idea that a handshake is all you need.

0:22.0

Then I learned that ninjas can kill you 16 different ways using only a handshake.

0:27.1

No one backs out of a handshake deal with a ninja.

0:29.9

Or a pirate, actually.

0:31.6

Unless you're a ninja or a pirate, when you're putting together a joint project, write down

0:35.7

the terms in a simple document. Why do you need a

0:39.0

contract? If you trust them, why do you need a contract? You hear this when billionaires discuss

0:44.8

prenuptial agreements with their spouses to be. We're in love. If it's true love, surely we don't

0:50.6

need all that icky legal stuff. Wake up and smell the coffee.

0:55.0

Today's true love can be tomorrow's tell-all story in a popular gossip rag.

0:59.0

You need a contract because it's the contract that makes it possible to trust.

1:05.3

Trust is a wonderful emotion that has nothing to do with law.

1:10.1

Contracts are legal devices, not emotional devices.

1:13.4

They serve a different purpose. A contract forces you and them to resolve all the ambiguities,

1:18.8

consider the worst case scenarios, and address them explicitly. Once you've been through that

1:23.4

exercise, you can trust without reservation, because you've nailed all the details. You may be

1:28.7

assuming things based on friendship. They're designing my website for free. Uh, not necessarily.

1:34.8

There are two kinds of friends who do things for you. The ones who are sharks and assume you're

1:38.8

paying full rates, and the ones who let themselves get walked all over. You don't want to do

1:43.1

business with either

...

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