Whether you run a family-owned business or are a proprietor of a large company, contracts will play a key role in the management of your affairs. Business contracts, as with other types of agreements, provide protection and security among companies and business owners.
A Business Contract is an important document needed in business negotiations and dealings because it is legal and binding and ensures that both parties are equally compensated for their work, products, or services. Drafting a Business Contract can be a mind-boggling and tedious job. Our Sample Contract Forms will help you create that well-structured Business Contract within minutes, minus the hassle.
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Contracts and Why You Need One
Business transactions must always have a written contract, including relationships established with employees, suppliers, retailers, distributors, shareholders, partners, or any party providing professional services.
Written contracts are the best way to protect yourself from disputes or potential legal claims and will help support you when the other party has breached an agreement.
Key Elements of a Business Contract
A Business Contract is made up of several key elements to help prevent any misunderstanding between all parties and to ensure that the agreement is legaly binding.
Defining All Parties Involved
The first portion of a Business Contract typically indicates the names of the parties involved in the agreement. In a Business Contract, one party is usually the client and the other one is the service provider.
This portion of a Business Contract will typically contain the terms and conditions and the obligations of the service provider to provide to a buyer or a client.
Also see: Purchase Contract Forms
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To make a Business Contract legally binding, the terms and conditions not only have to be outlined but have to be further discussed in detail.
This section of the Business Contract should clearly indicate the services or products that are expected from the service or product provider. Terms should also outline the price, the mode of payment, the duration of the contract, and the expected date of delivery.
Confidentiality and Non-Disclosure Clauses
Some companies or organizations prefer to include a Confidentiality clause to their Business Contracts. This clause disallows the other party from divulging confidential or sensitive information to others outside of the purpose of completing the business transaction.
Dates and Signatures
As soon as both the client and the service or product provider accept the terms and conditions outlined in the Business Contract and the buyer approves of the payment conditions, while the seller agrees to deliver the services or products, then the contract has to be willfully signed by both parties together with the date indicating when the contract was created.
Breach of Contract
A breach of contract is when a contract fails to indicate essential elements or if one party fails to live up to the terms stated in the agreement resulting to a null and void contract.
Also see: Business Partnership Agreement Forms
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