Make sure you have contracts for everything

The reason you have contracts is really to detail the deal that you have. While people think you need to have all contracts in writing, you don’t, but you have to protect yourself.

Years ago, I had a big client, in terms of billable work. This southern third-party administrator (TPA) needed work done quickly and I didn’t waste time and print out a retainer agreement. Needless to say, when the TPA didn’t want to pay their $40,000 tab, they changed their name and pretended to be another company. They then claimed there were no retainer agreements and so they didn’t owe me anything. I showed the work and a judge agreed with me. The problem is that a contract protects you and outlines the terms and conditions you want. If you provided multiple services such as administration, advisory, or pooled plan provider with affiliated entities, make sure the process is correctly papered. You don’t need more headaches, you need less

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