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construction contracts an agreement between two parties you're usually exchanging something for something else you're exchanging it in most cases money for the service that you're providing building a house or whatever the most basic contract can be as little as a verbal agreement verbal agreements are in fact legally binding just by we may or may not know about it the problem is in the event of an incident it's almost impossible to prove that you've ever had a conversation with somebody agreeing to do whatever it is you're agreed upon so you just need to get everything in writing that's very good rule stick to get it all in writing no matter what within my first six months of business my heart first hard lesson on writing contracts or had already come and what that was is it cost me about three thousand dollars it was not three thousand dollars that I had it really hurt me it took me probably four or five months three games but I lost about three thousand dollars when it could have easily been avoided if I just wrote a contract if I write a contract both parties know what to expect and it's legally binding I sit on that so don't learn the hard way just get everything in writing you already have a conversation with these people about what you're going to build for them what you're going to install whatever the case may be and how much it's going to cost student ID you sign the document they send the document date it and that's it it might sound a little harsh but you need to write your contracts as if the worst case scenario is going to have that's therefore if everything goes smooth you don't even need a contract contacted for the worst-case scenario therefore people refuse to pay you therefore if you damage property and you don't want to own up to it things like that therefore lawsuits several key things to include in the contract who's buying all the material what's the estimate toss the material if there is an overage are you paying for it or the client paying for it those are important things to note what's the cost of labor did that out and then who's going to pay for it if the labor goes over if you think the job is going to take 40 hours and ends up taking you 80 hours is that 80 hours you donated or is that hours that this client is going to cover and you're still going to be paid for another thing to include in contracts is a payment schedule is this something that you're taking half upfront if it's a smaller job you might do have a front if you're working with the bank and they usually do progress statements if you do them every two weeks some banks lately do them as often as you want but you need to have...