Get Everyone on the Same Page with 32 Sample Contract Templates for Every Situation Doing business is not just about shaking hands on a deal and then celebrating. You might have an agreement now, but over time, people forget what they agreed to or change their mind and try to back out of the deal. Things will go smoothly for you with a contract that spells out the terms and conditions of your agreement and clearly lays out the expectations for both sides, including specific details about timeframes, payments, materials and procedures for sorting out any disagreements. This way, both parties are on the same page, or at least have something to take to court if something goes wrong. As anyone who has tried to write a valid contract will tell you, it isn’t easy. There are so many things that need to be included to make your contract binding. Here are some things to consider. Contract Tips Read Through the Contract Carefully Whether it is your contract that you wrote yourself, you are using a template or you have been given the contract to sign, make sure to read it first. Check that all the information is what you have agreed to, Check that all names and details are correct and have been spelled correctly. Check any ambiguous language that may create confusion later. Check the fine print and make sure you understand the meaning of any terms that you aren’t sure of. After the contract is signed, it is legally binding and you may find yourself stuck with something you didn’t want or facing a breach-of-contract. Some contracts have an indemnity clause, or other ways to assign responsibility for errors, check how it could apply to you and what you might be liable. Essential Elements of a Contract According to the, all contracts need to include at least four things: • Something needs to be offered (the “offer”) • Something needs to be exchanged for it, usually money, otherwise it is a gift or a promise rather than a contract. (a “consideration”) • Both sides need to accept the terms of the contract (the “acceptance”) • Both sides need to agree to the conditions and understand that they have entered into a contract (“mutuality”) Research Local Regulations Even with a template, get advice about local regulations that might apply to your situation. There may also be union or industry association requirements that need to be included. ![]() ![]() ![]() ![]() ![]()
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March 2018
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