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Construction contracts are agreements between two parties, usually involving an exchange of money for services. Verbal agreements can be legally binding, but in the event of an incident, it can be difficult to prove the terms. It is important to have everything in writing to avoid costly mistakes. The speaker learned this lesson after losing $3000 due to a lack of written contracts within the first six months of their business. Stick to the rule of getting everything in writing to protect yourself and your business.
