Do you require all of your family, friends and colleagues to sign an agreement outlining the terms of your relationship? Of course not.
Written contracts are tools that can be used by partners to help facilitate the partnership process and meeting the partnership objectives. Written documents help to outline the results, roles, responsibilities and terms of the partnership, but they don’t guarantee success, and they are not a replacement for the relationships among partnership leaders.
In contrast, informal partnership can be very useful, especially when partners are just getting acquainted or when their interactions are infrequent or spontaneous.
Contracts are not a requirement for partnerships.
Creating written agreements takes time – you have to earn your way into the relationship. The downside is that contracts also mean you have to earn your way out of the relationship (just like marriage).
Reviewing the objectives of the partnership will help you decide if formalizing the partnership is a helpful step and worth the energy and resources.
- Posted by Enette Pauzé
- On July 21, 2016
- 0 Comment