Most businesses benefit from having some form of standard agreement drafted for them. Although each business should have an agreement customized to their own situation, the standard agreement should be flexible enough to cover most of their common customer transactions.
In contrast to the standard agreement a business may use with their customers, there are times when a business owner should have a specific agreement drafted for a specific transaction. This would typically involve a unique or large transaction. For example, if a business owner wants to acquire another company as a way of expanding the business, an acquisition agreement may need to be drawn up. It is important that any transaction that requires significant negotiation is reduced to writing to help ensure that the deal is reached between the parties and is understood by all of them.