Firm written agreements are essential to any business deal. Handshake deals can leave you burned when the other party remembers something different than you thought you agreed on. A simple letter thanking the other party for their courtesy and then spelling out clearly the terms that were agreed on, is usually sufficient and minimizes confusion. If the terms are important, have an attorney check the document so it has legal standing in case of a dispute. You can save yourself a lot of trouble by knowing who you’re dealing with and by using common sense.
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How Not to Get Burned in a Handshake Deal