“The Contract Mistakes That Almost Cost Me My Business”

I never thought a simple contract mistake could bring me to the brink of losing everything. When I first started my business, I signed contracts without really reading them or understanding the fine print. But one day, it almost cost me big time. I signed a vendor agreement that had an obscure clause stating that if I didn’t meet certain production deadlines, I’d be hit with an outrageous penalty fee. I missed the deadline by a day—and bam! The penalty fee was larger than my annual profit. I quickly learned that contracts aren’t just papers to sign; they’re legal binding agreements that need careful attention. Since then, I’ve made it a point to read every contract thoroughly and have a lawyer review anything complex. I also started negotiating terms that actually worked in my favor and made sure everything was clear. My mistake taught me that a bad contract can almost sink your business, so always read the fine print and never rush into signing something you don’t fully understand.