What is an Agreement?
Your friend has offered to pay you $100 for helping her move into her new home, as well as to pay you back for several the cost of the U-Haul truck, gas, and a few other things. You’re a really nice friend.
If you’re like most people, you’re probably not going to bother writing up an Agreement before helping your friend. Agreements take a long time to draft up and are thus only used when the stakes are really high.
Instead, you’ll probably keep a private log of expenses you incurred while helping her move. At some point down the line, you’ll send her the list of expenses, but unfortunately, she doesn’t remember offering to pay you the $100. She’s not a very nice friend. You can gently - or not so gently - reminder her of her promise, but if she persists in withholding payment, there’s not much you can do about it. Keeping a private log of what you’re owed is a useful habit, but it’s not an Agreement nor is it enforceable. Other than telling your mutual friends she’s unreliable.
Flextab offers a good middle ground between formal Agreements and informal logs. For one, Flextab is shared, so both parties can refer back to it at any time (rather than, say, only when you decide to send it). Second, Flextab has a mechanism for approving each entry. Once both parties have pressed the “Approve” button, it means that they’ve agreed to a given expense or amount, and the entry becomes uneditable.
There is even a discussion section associated with each entry where you can negotiate the amount or terms with your friend before it’s “Approved.”
Flextab entries may not have the permanency of payment or formality of a legal contract, but they still represent Agreements
Should the other party ever fail to pay or dispute the amount later, you can point to the mutually authenticated entry as proof of commitment to pay.