The first time I ever partnered with a JV to help fill my room she said "we don't need a contract".. I thought, that's silly - seems like we do.. So I wrote one anyway which she signed.. Thank goodness because a few months later she thought I owed her a BUNCH of money and I was able to point back to the contract on what I did owe (which was $0), so I paid her $2,500 anyway in good faith. That partnership eventually fell apart for OTHER reasons, but that how it all works. Some things come and go; others stand the test of time Another time I partnered with someone and we did not have a contract. It was around filling a virtual room for me. I explicitly said (so I thought) how many emails were required for them to send (3 is my magic #) and a bunch of other "expectations". Well, pushed came to shove and those things were not done by my partner. We proceeded anyway and the results were "OK" but they could have been way better - and I remember thinking: OH YA, contract... Today, I'm going under contract again. This time on a joint deal. We both said: "This will be easy because we know, like, and trust each other, and we appreciate what the other person brings to the table." And now I'm laughing because it's taken 5 days to collaborate on. While we are now in the final stages of getting it signed it just reminds me how much a contract really puts a shared language in place with definitions and terms and expectations There are many many more stories, these are just a few... Just takes a second (or a few days LOL) and everyone will be on the same page Hope this helps someone today!!!