MYTH:
Contracts are unnecessary for startups; verbal agreements are enough.
FACT:
Verbal agreements can be legally binding, but they can also be difficult to enforce and prove in court. Having written contracts provides clarity, helps prevent misunderstandings, and protects your interests. Contracts are especially crucial when dealing with key stakeholders, such as employees, suppliers, investors, or partners. Having a lawyer review and draft contracts tailored to your specific needs can offer better protection and minimize potential disputes.