WHY YOU NEED A WRITTEN AGREEMENT

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I met an Entrepreneur...




Some six months back I met a manufacturer, he is a manufacturer of Masala Products. when I was discussion with him about his business, he expressed his concern about the issues and challenges that he is facing with his distributors like 

  • delay in payment 
  • his distributors distributing compactors problem 
  • sudden resignation from distributorship and many problems


I simply asked whether do you have a written agreement??  He replied no.. An expected answer.




Why you need a written agreement




A written agreement which will not cost you much (Both time and money). So now we will see why we need a written agreement in detail:



1. Helps you to avoid costly litigations: A simple litigation costs you at least 1 lakh and the time is more huge, it will take at least 3 to 4 years. A written agreement which will save you lakhs of money.



2. Defines clearly about when and how payment to be made: either it is a service agreement or supply agreement or whatever, it will clearly says about the date of payment. In oral agreement you will say simply that you can pay me by next month or one year. but what is the exact date?



3. It acts as a evidence before court of law: This written agreement which is duly signed and witnessed will acts a conclusive proof while you file a case of breach of contract



4. Make you fit into system: A written agreement will give a status among your vendors or clients. Further this will help you to frame a system of work. This will push you to work accordingly and deliver services on time. 




Benefited:



Recently I received a Letter, which was written by the malasa manufacture, he sent a letter thanking us for advancing him to go for a written agreement. He expressed his happiness stating that most of the vendors has accepted for signing written agreement and most importantly he started receiving payments on time. 


 For More details contact us

 A.Arivazhagan
Advcate
Call: +91 9941993399

Le Intelligensia Law Firm
http://leintelligensia.com
Location: Chennai, Tamil Nadu, India

Comments

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20 September 2020 at 23:51
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