A barter agreement is a legal contract between parties to exchange services, written to include all of the necessary details of the transaction, according to Lawyers.com. This includes the value of the goods or services, and all other specific information about the arrangement.Continue Reading
Important details to consider when writing a barter agreement include exactly who's trading what, how to handle a cancellation by either party and information about delivery, because ownership of goods doesn't change until they're delivered, notes Lawyers.com.
It's a good idea to provide a detailed description of the items or services being bartered, so both sides have an accurate understanding of the value involved in the deal, suggests About.com.
Normally, if either party decides to cancel before goods or services are exchanged, simply notifying the other side of a decision to back out is sufficient, according to Lawyers.com. If one side follows through on the agreement, but the other side subsequently fails to, this could result in a lawsuit or even charges of theft. An item can't be resold or traded elsewhere until delivery is made, so it's a good idea to include details about deadlines.
Barter agreements are often the result of word-of-mouth, but there are also barter groups and clubs which provide a meeting place for people seeking to trade, notes About.com. Bartering offers opportunities to develop relationships, practice negotiating and gain hands-on experience.Learn more about Business Resources