Contracts are significant documents to society. In a world where memories easily fade and people lie, keeping agreements written helps you protect yourself from falling prey to partners, suppliers, shareholders, or contractors who fall back on their word, or worse, run away with your money.
Contracts are written binding agreements between two or more people and are enforceable by law. A contract states each party’s rights and obligations to avoid misunderstandings along the road. Drafting a contract is not as easy as it sounds; some people seek legal help to polish up their contracts. You can save yourself a lot of time and money by using our site’s downloadable Contract Forms.
Family Child Care Contract Form
Sample Letter of Intent to Terminate Contract
Production Contract Agreement Example
Contracts and the Importance of Having One
- Provides a Detailed Outline
Contracts may take days, weeks, and months to be drafted depending on the negotiation process. When doing business, contracts are useful to guarantee the quality of service being offered and to ensure the understanding of the agreement of both parties.
By using contracts, each party is given a detailed outline of the terms and conditions as well as their rights and obligations.
- Fixed Cost
In business, contracts are used to create an agreed and fixed cost of product or service. Regardless of economic changes, the price or cost indicated in the contract, as well as the duration of time for it to be paid, will remain as is.
- Point of Reference and Certainty
We live in a world where verbal agreements just don’t provide the same security anymore as written contracts. People tend to forget and closing deals with the shake of a hand is not enough to battle your way through disputes and litigation. Contracts are like blueprints that can easily serve as a point of reference to avoid misunderstandings down the road.
- Outlines Obligations
Contracts provide an outline of the type of service provided and its frequency. These outlines are usually used in a service, maintenance or in a contractual form of business. A Construction Contract Form can be used for construction types of businesses.
Printable Property Management Service Contract Agreement
Construction Labor Contract Agreement
Sample International Trade Contract Form
Sample Event Vendor Contract Form
- Non-Disclosure Clause
Some contracts include a non-disclosure agreement clause that disallows other parties to divulge sensitive or confidential information and to only be used strictly within their business transactions. Some organizations use a seperate contract for NDAs while others have it included as a clause of a contract.
A party who breaches a Non-Disclosure Agreement may be sued for damages, misappropriation of trade secrets, copyright infringment, and breach of fiduciary duty.
- Strcuture For Resolution
The possibility of a dispute or a disagreement may arise in a business venture. Which is why, a contract should also provide a framework for resolution. If a contract specifies ways to mediate conflict and disputes, then both parties may be able to save themselves from the expensive costs of litigation.
Structuring a contract that hits all the key points needed within a contract can be taxing. Our Contract Agreement Forms are designed in such a way that they give you easy access to the type of contract you will be needing in a matter of seconds!
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