Always sign a contract, friend or not. Make that contract as detailed as possible, especially if you value that friendship. If not, a law suit is bound to emerge down the road, provided of course the amount of money involved is a hefty sum.
This past Wednesday, Venus, the Steve Jobs boat that I wrote about a few months ago, has been impounded by Philip Starck’s lawyers. Starck claims that the Jobs’ estate owes owes him an additional 3 million euros for his works on the 230+ foot vessel. According to Starck, and his company Ubik, Jobs and him trusted one and other and as a result didn’t have a very detailed contract.
The legalese of the matter is a bit ambiguous - as in I’m not a lawyer – but since Venus cost more than $100 million to build, Starck’s tact seems to be more an injunction until he gets paid; he won’t own the vessel, at least not outright.
That all being said, 3 million euros is just a drop in the bucket for the Jobs family, but that doesn’t mean they should just fork over the cash. If the two parties can’t come to a compromise, it looks like the matter will play out in court.