My band doesn't have a contract and have only once or twice been asked to sign one, but last St. Patrick's Day, I wish I'd had my own. We were asked by a booking agent to play at a bar. We verbally agreed on the net fee to the band. I asked for a contract but never received one. I didn't worry; we'd done the gig the year before and all went fine.
After the gig, the bar manager paid me. However, at first she tried to pay $100 more than what I'd agreed on with the agent. I was very honest and told them they were overpaying (I thought the extra $100 was for the sound guys). The manager didn't argue and I left with what I'd agreed to take.
A few weeks later, I got a call from the owner of the agency. He chewed me out, saying that I was supposed to have taken the extra money, that part of it was their fee which they were now having a terrible time getting from the bar.
At no time had the agent mentioned anything about me picking up the total amount and then paying back the agency their commission. Who would trust a bunch of folk musicians to do that anyway? I got pissed at someone yelling at me when I all I had been was honest. He was pissed at me, blaming me for his coming up short.
I doubt this agency will ever call me again.
Had I sent them my own contract, this wouldn't have been an issue.
I do think contracts are a good idea. Do read them carefully though.
Good luck,
Emily