Entertainers and others in the entertainment industry often work on "handshakes," which leads to costly litigation and disputes that could have easily been prevented with a written agreement. Whether you are working as a manager, booking agent, or any other service provider, it is extremely important to memorialize the terms and conditions of the agreement in writing. This protects both parties. A written agreement clearly spells out and clarifies (a) what services each side will provide, (b) for how much, and (c) when and how the relationship will terminate.
The reality is that relationships are usually "good" when circumstances are "good" so there's typically no disagreements (i.e., everyone is making money). However, in the event of a downturn, prepare for finger-pointing, blaming, and claims that "I did not receive what I'm owed." As counsel, I have seen this countless times across all industries.
Do yourself a favor, work with your attorneys or call us to assist you with your contract needs.