We have talked before here in the home business blog about the importance of using contracts in our home businesses. Even though you may be getting used to drawing up contracts when you begin a business relationship or project, it is also important to make sure that you update those contracts periodically to make sure they still apply.
There are natural places and times when it becomes obviously necessary to update a contract. If a contract expires (many will be for a specific period of time or for the duration of a specific project), or if details change in the arrangement, or if the individuals involved in the contract change—you will want to update the contract to reflect those changes. It is easy to get complacent and just assume that if you have one mutually-signed contract that your legal work is done—but a contract can become null and void if the particulars become obsolete.
It is a good idea when you first sign your contracts, to set up some sort of a tickler file to remind you to go back and look them over after a period of time to see if adjustments need to be made. If you start a new project with a particular client or customer, you’ll definitely want to draw up a new contract and not assume that the prior or previous one is still appropriate. Any changes should be notated and included in the contract: address and contact information, compensation, delivery details, time frame, etc. You’ll want to make sure that the new contract is an accurate representation of the new agreement.
As far as record keeping is concerned, you will want to keep copies of all your contracts and just make sure that you are working off the most recent, valid one and not from a contract that is expired or no longer valid.
See Also: Freelance Writers Need Contracts
Should You Be Using Contracts?
Do You Know the Difference Between and Invoice and a Purchase Order?