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Construction contracts are agreements between two parties, typically involving an exchange of money for services. Verbal agreements can be legally binding, but it is important to have everything in writing to avoid problems in case of incidents. Getting everything in writing is a good rule to follow to prevent losses and costly mistakes. The speaker learned a hard lesson about writing contracts, losing about three thousand dollars due to not having a contract in place. It is crucial to have a written contract in business transactions to protect both parties involved.
