In April this year, I lent someone money; he needed it to boost his fish sales business. We agreed on some terms regarding interest and payback. To date, the guy has not paid anything, constantly coming up with a bunch of excuses. Since July, he went into hiding, i.e. his family and no one has a clue where he is. I dropped the ball because this was someone I knew, so I settled for verbal agreements. He owes me over US$1200; I cannot tell you enough how many times I have slapped myself for being that reckless. That is why today I am discussing the importance of signed agreements.
Incidences Of People Being Duped In Zimbabwe Now Rampant
In the past 2 months, I have lost count of people complaining about debtors not paying back their money. I have seen this a lot on Twitter and every time I see someone complaining, it reminds me of my situation. Even when interacting with people in person, I hear so many such complaints. Apparently, so many people are in similar scenarios. It goes beyond just lending people money, though. In some cases, it involves someone owing in the sense that they took something on credit. I even recall someone recently who bought a house that the rightful owner was not selling.
The thing is, the rightful owner went overseas and assigned someone to look after the house. This caretaker then sold the house to someone and vanished into thin air afterwards. These are some of the many examples of people being duped in Zimbabwe. Has anyone been a victim or know of someone who has been duped? I guess given the unstable state of the economy; most Zimbabweans now try to make ends meet by duping others. When I look at most of these cases, they have one common denominator – there were no signed agreements to begin with. That is why it is imperative that you insist on a signed agreement when entering any transactional agreement, no matter how small.
Approaches To Signed Agreements
Affidavits
The most basic approach to this is using an affidavit. An affidavit is a signed document wherein an affiant makes a sworn statement. Let us suppose you lent someone money and you have agreed on interest and payback terms. The debtor then writes a sworn statement in the form of an affidavit in line with your agreement. This will also entail them availing of their personal details. Then both you and the debtor will sign the affidavit in front of a commissioner of oaths. Once the commissioner of oaths has ascertained everything is above board, they will stamp and certify the affidavit. That will then be a legally binding agreement that can warrant legal action if the debtor does not honour the agreement.
Most people overlook this step can ensure you do not take advantage of it. If the debtor goes into hiding; you can easily open a police case because there is a binding agreement in place. I gave an example of you lending money but that is one of many. Any form of agreement can be formalized by use of affidavits – anyone can do this. Affidavits are relatively easier and cheaper in that you do not necessarily need to pay for legal counsel. You and the other party can deliberate and go to a commissioner of oaths just like that.
Agreement Documents
In some cases, the nature of the agreement can be multi-layered, multi-party, and lengthy. This would better require the drafting of some sort of document stipulating the agreement. I am reminded of the tenant-landlord relationship, which is rarely documented on paper in Zimbabwe. A signed agreement protects both the tenant and the landlord in such a scenario. Another common scenario can be several people partnering for a business venture or deal. Such a scenario would need a partnership agreement on paper.
A business partnership agreement document can include the parties, the business partnership, start and end date, individual contributions, bookkeeping, drawing of profits, management guidelines, termination of a partnership agreement, arbitration, and signatories. Someone with a skillset in legal drafting can help you draft an agreement document for your scenario. It might not necessarily be a lawyer per se since anyone can acquire a legal drafting skillset. However, it is actually advisable to seek legal guidance from legal experts. This is pertinent because you have to end up with a legally binding document that will not get thrown out in court.
Another scenario is employment agreements. Most employer-employee engagements in Zimbabwe are not based on signed agreements. That is why most people are taken advantage of because employers are not legally bound by anything. It does not matter if it is a gig, a short-term job, or whatever; you must insist on signed agreements, always!
It does Not Matter Who It Is Or How Small It Seems
I settled for a verbal agreement because I trusted the person as someone I have known for years. Other people can overlook signed agreements by thinking it is too small or irrelevant to do so. That is the mistake I made and many others made. From now on, always insist on a signed agreement, no matter who it is or how small it might seem. Make it a policy always to have affidavits ready to formalize any agreements you might enter. Even if it is relatives or friends, insist on signed agreements. If someone does not agree to a signed agreement, then it is best not to go through with the engagement. Someone’s hesitancy or refusal is a clear sign of one’s shadiness. You will dodge so many unnecessary bullets by making signed agreements on your policy in life.
I believe you learnt something valuable today, something you should also advise others on. I have since realized we now live in a world where most people are more self-centred than ever before. Signed agreements are one way to protect yourself from getting burnt by heartless people.
