Businesses engage in transactions with many parties, including suppliers, clients and partners. Accordingly, agreeing to and signing commercial contracts is essential to protect your business interests. While you may believe a verbal agreement will suffice, you should record important or high-value commercial deals in writing. This article will explore the four main benefits of recording all commercial deals in written agreements and the risks of not doing so.<\/p>\n\n\n\n
Generally, it is not mandatory. With a few exceptions, you can verbally agree to most commercial arrangements without signing<\/a> agreed written terms. This is because English law aims to give companies flexibility regarding how they agree to and record commercial deals. However, if the agreement is of significant commercial value to your company, you should finalise a written agreement. <\/p>\n\n\n\n Suppose your business has agreed to post an advertisement for a local cafe in its window for a \u00a310 bank transfer each month. In that case, this may be a suitable situation for a verbal contract (or to agree to brief terms by email).<\/p>\n<\/div>\n\n\n\n On the other hand, if your company agrees to sell a fixed number of goods each month to another business for hundreds of pounds, you should record this agreement in a signed legal document.<\/p>\n\n\n\n There are several commercial contracts that require a written, signed document, including:<\/p>\n\n\n\n Aside from these limited exceptions, your organisation does not have to record its deals in writing. So, why should you do it? Let us explore some benefits of doing so below.<\/p>\n\n\n\n\n\n Continue reading this article below the form\n <\/i>\n<\/a>\nTypes of Contracts to Record in Writing<\/h2>\n\n\n\n