Why you need to document every business agreement.

[Etini]

I get that there are some people who we are very close to. Sometimes, we need to do one business or the other with these people. And being that we are very close, we tend to overlook the need to properly document every detail and agreement of the proposed transaction. I understand that our emotional minds tend to place relationships over standard business requirements. With this post, I want to advocate that any business deal you enter with anyone should be duly documented and signed. This is to ward off conflicts that may arise in the future due to that transaction.

Let me stress again that even if a person is doing business with his biological mother, it should be met, and terms clearly spelled out. This would even help to strengthen the relationship rather than leave anything to assumptions. I sign an agreement even with my partner when it comes to business.

 

[Holicent]

So I had a guy in my street, I do know him anyway, one of those guys we played football on the same field, but it's been long I saw him. I wanted to repair a laptop so one of our friends recommended him. I couldn't hesitate even though I don't like running business with people I know because often times those transactions don't end well, but I don't know what pushed me, probably my friend did.

He asked for about 35 dollars to replace the battery and the hinge, then boot the system, I bargained but he insisted on that amount which i accepted. During that transaction something was telling me to record our calls and chats but I saw no reason and felt we were "guy guy" you know, friends. I even gave him 90% of the fee. Guess what, the whole thing is now story. Laptop is not well fixed, no refund, infact he's having everything to himself now. He kept on denying every form of agreements, obviously I don't have any evidence. It's so painful and I decided even if you are my father, business is business, you get 30% pay, when you are done and work tested ok, you get your balance, no sentiment.

 

[Augusta]

Like we all know business is business and we should not mix it with pleasure so that everything will be documented and shown clearly on black and white to avoid future stress.

it is always good to put down all the terms and conditions of a business no matter who is involved in the business a document to show all the agreements that was stated at the initial stage of the business.

The thing is that nothing is certain in life and we cannot predict the future a person that was very friendly at the initial stage of a business can become a monster in the future and the only way you can defend yourself everyday and clear out is the document which everybody can have access to so it is of immense importance for one to always document all business transactions and details so avoid anyone bringing up agreements that were not initially stated.

 

[TOZZIBLINKZ]

Many business owners and business managers tend to overlook the benefit to document effective business transactions with a particular client or with a particular business as a result of past effective dealings with such business organisation or with such clients. However it can be interesting for each and everyone of us to understand that in business errors and mistakes are more likely to emanate especially in areas of money delivery and money transactions, and in a situation where proper documents are not being kept about these transactions and this delivery of cash, a whole lot of loss can befall the business.

The main reason why business organisation should consider keeping proper documents reports about transactions that goes on in the business organisation is so as to be able to easily retrieve them possibly for finalisation of business contract and termination of contract as well. Computerised method of business document filing is what need to be adopted for easy retrieval as well as processing and interpreting of records.

 

[CALVINDOL]

Sometimes it is not all about the benefits gained when a particular business organisation document or file all its monetary transactions, but instead it depends on the method adopted in making sure that business documents are being filed up-to-date and are being kept safely. We are meant to understand that computerised method of data processing as well as documents recording and filing is definitely the best method to make sure that a business retrieves data easily. The easy retrieval of data in a business organisation is definitely necessary when the business is trying to make confirmations, interpretations, and examinations. However when the business adopt computer is method of data processing this is done more easily and more less-stressfully.

In addition, past dealings with a particular business organisation or with a particular client shouldn't be the reason why document shouldn't be kept in a business organisation. And that is because many business practice always lead to erroneous and mistaken delivery, however in other to make confirmations and to correct mistake, the retrieval of documented information and data need to be done, but in a case where documents aren't kept that could be a big problem.

 

[Axis]

So many monetary activities goes on in a business organisation however in order to keep track of this monetary activities business organisations and companies should always see the need to prepare and file documents so that correction and easy monetary retrieval can be done effectively. It is definitely true that as a result of past dealings with a particular client or with a particular business from an individual is more likely not to consider the need to prepare documents backing up deals. However it is necessary for document preparation to be done, so that these deals could be registered in the consecutive registry of companies.

Also the deal would not be official without it being documented and signed by each parties to the deal. To make sure that you are being kept properly, computerized method of documents keeping should be kept or adapted by business organisations and companies. Business organisations and companies adopting computerised method of data documenting are more likely to safe-keep information for a long period of time.

 

[Mataracy]

It is very good and necessary to document any agreement especially when it's has to do with contract.
Without document some People can easily denied that they did not have any business with us and it may lead one to a great problem.
In a case where by some one denied then one can easily bring out the documented paper and that will really help to settle the problem.
Though document can either be Oral or written document.

Oral document can be through radio recording or voice taking.
Written document can be describe through which a statement is been written down for future reference.
There are many contract that has been destroy due to no proper document is backing it up between the contractor and the contractee.