The crater will be visible from space.
It is true, a proper contract from a lawyer is expensive. But you will be surprised how often it comes in handy. In my experience so far there are only two kinds of contractor: the ones that can tell a story about struggling to get paid, and the ones that have not been paid yet.
One of my favorite contract clauses is the one about how, if you have to sue the client for payment, they'll cover your legal costs. Try getting that kind of leverage without a contract, via firm handshakes or obsequious bowing and scraping or whatever.
It's also rather disingenuous that they hide their advertisement in an URL that suggests it is a blog.
All in all fairly terrible scaremongering about the alleged pitfalls of using an agreement. An agreement does not have to be complex to make it clear that for example, no assignment of rights will take place prior to full payment.
Also, taking actions in small claims courts is relatively straightforward (at least here in the UK) particularly where a debt is involved, such as an unpaid invoice.
I imagine Hourglass probably has some fairly full terms and conditions which apply to the usage of the service also.
In general a shame, because on a brief glance, Hourglass could be complementary to those using an agreement. There's simply no need to attempt to undermine and attack the usage of agreements.
So, just an advertarticle.