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Construction contracts are agreements between two parties, typically involving an exchange of money for services provided. It is essential to have contracts in writing to avoid legal issues in case of incidents. Verbal agreements can be legally binding, but they are difficult to prove. Getting everything in writing is crucial to protect yourself. Failing to have a written contract can result in significant financial losses, as the speaker learned the hard way early in their business. It is a valuable lesson to always have contracts in writing to avoid costly mistakes.
