Business Guide: Run Your Business. Don't Let Your Business Run You.
Chapter 15


The purpose of a contract is to define, in advance, how two parties will handle situations that may or may not arise in the course of their relationship. If either of these parties does not live up to the agreement, the other may sue for damages. When creating your contract, there are a few important things you want to be able to agree on:

Allan says...

“I’ve actually seen contracts that clients have asked me to sign that say early termination still requires project completion. This kind of thing is ridiculous. In general, we don’t ask for anything special upon early termination, but if we are giving a discount for a longer- term contract (they agree to buy four months of time), then we do require a termination fee of two - four weeks of project time.”

The last thing you need to know is that you must have a lawyer prepare your contract for you. If you don’t, you are simply a fool.

6 Rules To Save
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Cashflow is the lifeblood of your business, here's how to avoid cashflow issues.