Not all owners use contracts. It is hard to believe that today when you need to sign a contract for just about anything, that somebody would take over a 70,000 dollar piece of equipment on a handshake - but it happens every day.
If I were in your shoes, I'd certainly make sure that I had a signed contract before ANYTHING happened. A verbal contract isn't worth the paper it's written on....
- Get it in writing.
Scott
