"My word is my bond" is not something you can always assume these days, unfortunately. Agreements, especially significant ones, should preferably be put in writing. So that it is clear what the agreements are and that these agreements can be proven later, if necessary.
As long as the parties faithfully honour their agreements, there is nothing to worry about. However, companies regularly face non-performance, claims for damages and attempts to break open or terminate contracts prematurely.
Westphal Johansen will be happy to assist you with:
Drafting and reviewing contracts
Drafting and reviewing general terms and conditions
Outlining strategy when faced with reluctant contracting parties
Enforcing performance in court in the event of a breach of contract
Terminating contractual relationships
Claiming damages and collecting your claim and contractual penalties.