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A business contract is a legal document emphasizing on the roles, responsibilities, terms and conditions of the parties involved. It obligates all the stakeholders to be abiding by their duties as per the agreed terms and conditions. Contracts could be verbal or written both, but business contracts should be in written form always to avoid conflicts between the parties involved. As a small or medium business owner or self-employed individual, you may need to enter into a legal relationship in some of your business dealings.
Business contracts give certainty to the parties concerned by documenting the negotiations. Agreements could be long or short documents based on the nature of business and size.
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