The term 'ON SPEC' (without a contract) is used to describe a situation in which a person or company agrees to do a job without a written contract. This type of arrangement is often used in creative industries, such as writing, design, and photography, where the client may not be able to provide a detailed description of the work they need done. The freelancer agrees to do the job without a contract, trusting that the client will pay them for their work once it is completed.