That is a goddamn stupid way to run a business. It's fine for personal agreements, but you need to be absolutely specific when dealing business-to-business, for

That is a goddamn stupid way to run a business. It's fine for personal agreements, but you need to be absolutely specific when dealing business-to-business, for your protection and theirs. Leaving things unspecified is just asking for loophole formation that leads to unexpected expense.