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Paper trail

A contract between two parties is intended to protect them both. We bring you the lowdown on the risks and rewards of "getting it in writing".

A contract is essentially there to protect both parties, and while it is easy to become jaded because we see many being broken and uncontested, it keeps most people honest.

According to Trevor Devitt, head of communications for OUTsurance you should always bear the following in mind before signing a contract:

Always organise your own insurance and hold the policy in your name. That way you can be sure that the premiums are being paid and the insurance company is informed of changes.

If you make an agreement to purchase anything with a high value from a third party, it should be reduced to writing, especially if instalments are involved.

Get witnesses to sign too. If you are purchasing a car and you have a good credit record, go through a finance company. Yes you will pay interest but it is a small price to pay for peace of mind.

"Lease takeovers" should be avoided. This is when someone borrows money to buy a car from the bank, but then gets someone to assume their obligation.

In the bank's eyes the person who signed the contact is the legal owner, so if he or she does not pay over the money and they go into arrears, the bank will want to repossess the car, you have no ownerships rights.

Finally, before you sign a contract, read every last detail. If you don't understand it, take it to someone who does. There is great risk in not reading contracts or signing for debt other than your own.

While these transgressions can cause financial disaster, the total absence of a contract recording a financial transaction can make your life miserable!

Previously published in True Love, Subscribe now and save