That's because they don't know what's in the contract. If you're creating a partnership, you get to write your own.
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And that contract should include responsibilities, investments, penalties, etc.
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The discussions required to *create* a proper contract is what gets people on the same page. (All of this applies to pre-nups as well.)
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It's usually not about legalese, but about shared expectations.
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I agree the process of drafting a contract can/should force joint consideration of and agreement on key terms.
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My (somewhat cynical) point is that when a biz relationship breaks down, a written contract may not save the day.
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And in many good biz relationships, written contracts are unnecessary or largely superfluous.
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Essentially, written contracts are like locks--they keep an honest man honest.
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If a dishonest person breaks a well-written contract, there are penalties to be paid. (Or a lawsuit to be settled.)
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Obviously, a well-written contract isn't a magic spell, but it's the best thing we have in the real world.
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But, yes, completely agree a written contract is usually the best practice for any significant biz relationship.
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