Let’s say you’ve discussed a potential business opportunity and you’ve come to an agreement on the basic terms with the party on the other side. The basics may include who has to deliver what goods or services, where, when, and how the receiving party is going to pay for it. Now that you’ve gone through the ups and downs of the negotiation process, you’re both eager to get started. Maybe you have the basic deal points recorded in an email or a term sheet that the parties have signed. Why bother with a full-scale contract? Why go through the time…
