Barter Collaborations

I have been wondering if anybody has tried out a barter collaboration model and if something like this could work, especially for cash-scarce start-ups ? e.g ask for graphic design services in exchange for marketing and public relations guidance. Any experiences, tips, suggestions?
Many businesses use barter type collaboration models without knowing or formalising them. In my case, I gave a young entrepreneur in Singapore the opportunity to participate in one of my CrowdFundHerL ...
I have been using barter collaborations at Woolf Works too and its been extremely helpful. I am cash-poor but rich in my resource of workspace so it makes sense for me and also for the other small businesses I am bartering with who have a service I need and save money on their office rent.
It also helps reinforce our community bonds here.

It has worked best when we have laid out the terms very clearly in writing before we started.