Why is it so important to have your barter agreement in writing? As the saying goes, the palest ink is better than the sharpest memory.
Putting your barter deals in written contracts keeps you and the other party on the same page rather than creating confusion about who does what, when, and how.
Believe it or not, technology has made it that much easier to do barter deals. Instead of being confined to a local market, you now have the ability to trade goods and services with others globally. Whether your business needs a new smart phone or Web design work, there’s someone in the world who is ready, willing, and able to make a barter deal with you.
Here are some of the issues you should consider when having your Internet business attorney create the barter contract you’ll use…
1. Will you barter in your individual capacity or on behalf of your business entity?
2. Are you trading goods, services, or a combination of the two?
3. How will you use your barter agreement to reduce your legal risks if things go wrong?
4. What laws apply and how will dispute resolution occur if the other barterer becomes upset?
5. Will you do partial barter deals that involve cash, and if so, how will payment occur as part of the trade?
Don’t steal someone else’s barter agreement to use for your business. Most of the barter contracts you find online were not created by a business lawyer but instead were pieced together by nonlawyers who didn’t know what they were doing. In addition, using someone else’s barter contract without permission could expose you to liability for copyright infringement.
The best course of action is to invest in a customized barter agreement that reflects your online business needs. If you can’t afford to pay an Internet law firm, an affordable alternative is to use the professional grade barter agreement available at BarterContracts.com.