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Construction contracts are essential agreements between two parties, usually involving an exchange of services for money. Verbal agreements are legally binding but can be difficult to prove in case of incidents. It is crucial to have everything in writing to avoid costly mistakes. The speaker shared a personal experience of losing three thousand dollars due to not having a written contract, emphasizing the importance of documenting agreements to prevent financial losses. Stick to the rule of getting everything in writing, no matter what, to protect yourself and your business.
