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| Richard Kranitz, Esq., Wisconsin |
In
this modern age, when everything from your emails to entire books can be safely
stored in your computer, is it really important to have agreements in hard copy,
or to have them in written form at all? It may surprise you, but yes! Business
Attorney Richard A. Kranitz explains in a newly published article.
In
this technology-driven age, many people don’t value the importance of legal
papers in a hard-copy form. They think
that as they have carried out the agreement verbally, it means almost the same.
But that’s not how it works; the significance of a written contract is far more
important than the one available in your folder or the one done verbally. In his
new article, Mr. Kranitz gathered some top reasons why that is so.
1.
Provides More Certainty and Authenticity
A
piece of paper may have lost its importance in today’s digital world but the
significance of a written contract can never alleviate. Written contracts
provide more assurance to both committed parties. Verbal contracts are harder
to prove.
With
verbal contracts, it is likely that a party may agree on something, but later
on, back-pedal immediately. This can put you in a lot of financial or legal crisis
and damage your reputation as well. With written contracts, there is no scope
of denying or backing away; even if a certain party does so, you can always
provide evidence and prove them wrong. This will save you from a lot of hassle
with the committed party and authorities.
2.
Prevents Disputes and Misunderstandings
The
worst part about verbal contracts is that people often forget about details –
the most important part of a contract. They may remember them for a while but
as time goes on, it is likely for them to become hazy on minor details.
Since
the spoken words are not recorded anywhere, it is impossible to go back and
check. This can create a lot of assumptions and problems in the future. One
party may say something else about the contract and the other party may argue
something else to be true. And to make the matters worse, there would be
nothing to tally from and see who is right or telling the truth. This can give
rise to a dispute between the parties and dissolving of the “contract” ultimately.
3.
Provides Proof Immediately
A
written contract will always come in handy and could be useful at anytime,
anywhere. Surely, you can’t carry your laptop wherever you go. It is possible
that you have to show your contract at the time when you don’t have your
laptop. Having a contract in a paper form will allow you with the feasibility
to carry it in your bag wherever you go.
Since
contracts are made on a normal paper sheet – as light as air, it wouldn’t be
burdensome to take along the contract wherever you go. On the safe side, always
keep a saved copy of your written contract on your computer.
4. Clearly States Duties and Responsibilities
A
proper, written document contains significant details that a verbal contract
may not cover. To make a contract legal, it should consist of two essential
components – agreement and considerations. Within these two parts, contain an
assortment of provisions that make the contract legal in its truest sense. In
these two sections of the contract, there will be offers, terms and conditions,
work conditions, payment clauses, liabilities, and breach of conditions. What
these pointers will detail out are as follows:
*
Terms and conditions – what both parties are required to do under the contract
*
Work conditions – how both parties are required to act within the terms of a
contract
*
Liabilities – how liabilities will be managed in case of a problem
*
Payment conditions – how payment will be done under the contract
*
Breach of conditions – what happens if either of the party fails to fulfill the
conditions.
The
clauses in the contract will serve as rules that the committed parties will
need to follow no matter what.
5.
Gives You Security and Relaxes Your Mind
Knowing
that the terms and conditions are clearly elucidated in a written contract
gives involved parties peace of mind. There is nothing to worry about or for
things to go awry as everything is clearly mentioned in a written form. A
properly drafted contract provides committed parties and authorities with a written
record of the terms and obligations agreed upon. This also gives you an
additional right to pursue further legal rights and duties, if necessary, notes
Mr. Kranitz.
Richard A. Kranitz, Business Lawyer
Richard
Kranitz is an experienced attorney and business consultant in the areas of
corporate, securities and tax planning for corporations, partnerships, joint
ventures, limited liability companies, multi-unit enterprises, and a variety of
different non-profit entities. In addition, he has counseled their owners and
executives in compensation planning, estate plans, and asset protection.
Website:
https://advicoach.com/rkranitz/
LinkedIn
Profile: https://www.linkedin.com/in/richard-kranitz-63684b
Attorney
Profile: https://solomonlawguild.com/richard-a-kranitz-esq
News at:
https://hype.news/attorney-richard-a-kranitz/n-16281b97-6a6a-4de2-be3e-796f2da08677/stories
*** Richard Kranitz (Wisconsin) is an experienced attorney and business consultant in the areas of corporate, securities and tax planning for corporations, partnerships, joint ventures, limited liability companies, multi-unit enterprises, and a variety of different non-profit entities. In addition, he has counseled their owners and executives in compensation planning, estate plans, and asset protection. Attorney profile at: https://solomonlawguild.com/richard-a-kranitz-esq
