A contract agreement, or simply a contract, is the foundation of business. No matter what industry you work in, contract agreements are crucial to protecting your company and your clients.
A contract is a legally enforceable agreement between two parties. The agreement explains the legal duty of a party to provide goods or services to another in exchange for compensation.
If you want to buy or sell services, you will likely need a legal contract to protect your investments and assets. Contract agreements can serve as a mutual service agreement, requiring each party to do something in exchange for something else.
For example, a freelance writer can sign an independent contract agreement with a local business to write blog posts for a price. They agree to perform their service (writing) in exchange for the business’s financial compensation. Paying the writer according to their terms and conditions is part of the agreement.
Here is an article that defines a contract.
There are dozens of contracts, which can vary by industry, company, and even individual.
The most common types of contracts include:
Business contracts can be any agreement between a business and another. This includes a partnership agreement, a joint venture, and a consulting agreement. In addition, business contracts also have a wide range of provisional agreements, such as nondisclosure agreement, indemnification clauses, and non-competition agreements.
Most business contracts require several sub-contracts within a master agreement. For example, a new employee might sign an employment contract along with a non-compete agreement and confidentiality agreement.
An employment contract entitles someone to pay and other benefits as part of a compensation package. They receive these benefits in exchange for their services in a specific role within a company.
Employment contracts protect businesses and workers alike. They help to:
Businesses often enlist the services of professionals without hiring them as employees. Freelancers can also run their businesses and offer services as independent contractors. In both cases, independent contractor contracts are used.
The independent contractor agreement lays out guidelines, timetables, and requirements for workers and their clients. It protects the freelancer from liability while ensuring the company or client is held accountable for payment and other relevant conditions.
A fixed price contract, also called a fixed price agreement, sets the amount of money for a product or service. Signing a fixed price contract affirms that both parties agree to a predetermined value for a good or service. Contractors and companies use fixed-price contracts to guarantee a set payment amount, despite any outstanding circumstances that may influence their work or the service itself.
It’s also important to note that while “contract” and “agreement” are often used interchangeably, an agreement is not always necessarily legally binding, but a contract is. This is why agreements are usually embedded within contracts or drafted by an attorney to ensure they’re enforceable.
Here is an article with ContractsCounsel’s guide to 8 common contracts.
Meet some lawyers on our platformDepending on your needs, writing a contract can be extremely simple or complex. Some contracts are dozens of pages long, while others are only several paragraphs. Before you write a contract, it is important to research the type of contract you need and review examples.
Another important step to writing a contract is researching your state’s laws. Contract law differs by state, so you want to ensure you’re only writing terms and conditions that are compliant and enforceable where you live.
Suppose you are unsure how to write a contract or even where to begin. In that case, you can reach out to a licensed contract lawyer on ContractsCounsel.
Online templates are also useful when drafting a contract agreement. They offer an outline you can use to fill in details and modify to suit your needs.
Here is an article on contract lawyers and what they can do for you.
Contract agreement requirements vary drastically by state, industry, and document. Every contract you write will have specific features, but there are some key elements every good contract agreement has.
Here is an article where you can learn more about the key elements of a business contract.
The primary purpose of any contractual agreement is to protect in the event something goes wrong. Legal disputes, breach of contract, and other problems can all lead to financial loss. Therefore, both parties must have a contract that protects their best interests.
Contracts also help simplify and streamline business in many ways. For one, they establish clear boundaries, limitations, and responsibilities. They also clarify the legal duty of each party, so neither can sue the other for doing things they were not legally obligated to do in the first place.
Here is an article with examples of different types of contracts and their purposes.
Anyone doing business and wanting to protect themselves should enter a contractual agreement with the other party. For example, suppose you want to buy or sell services or goods. In that case, it’s best to use a contract that protects your best interests and is legally enforceable where you live.
Contracts give everyone involved security and protection. Whether someone has to leave an agreement due to extenuating circumstances or a misunderstanding, the contract is a document everyone can refer back to for guidance.
As the common adage goes, “Get it in writing.” Verbal agreements are not admissible in court, no matter how detailed the conversation may have been.
The best way to assure security in any type of business or arrangement is through a legal, written contract reviewed by an attorney.
Here is an article about the importance of contracts in business.
You can legally break a contract if you follow its terms of termination in the contract termination agreement. However, breaking a contract can also occur voluntarily or involuntarily by violating its terms or failing to fulfill any legal responsibilities you previously agreed to.
You should consult with a contract lawyer if you want to find ways to get out of a contract legally, you should consult with a contract lawyer. Submitting a contract for review can discuss your options for breaking it while minimizing potential liabilities.
Here is an article with 5 reasons why people terminate contracts.
Post a project in ContractsCounsel’s marketplace to receive flat fee bids from lawyers for your project. All lawyers have been vetted by our team and peer-reviewed by our customers for you to explore before hiring.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
How ContractsCounsel Works Hiring a lawyer on ContractsCounsel is easy, transparent and affordable. 1. Post a Free Project Complete our 4-step process to provide info on what you need done. 2. Get Bids to Review Receive flat-fee bids from lawyers in our marketplace to compare. 3. Start Your Project Securely pay to start working with the lawyer you select.Over 30 years of experience practicing commercial real estate and complex business litigation law.
Attorney Yu represents clients in business and real estate transactions and has successfully handled more than 200 cases. She has experience in corporate law, including forming legal entities, employment law and workers’ compensation law matters pertaining to wage and hour violations, industrial injuries, misclassifications, and other employment-related torts and contracts. Attorney Yu works with employers to address employee relationship issues, develop effective policies and craft employment agreements. Attorney Yu regularly advises clients on the legal and business aspects of potential investments, ongoing business operations, debt collections, shareholders and partners disputes, business purchase agreements, risk assessment, intellectual property disputes, and potential contract disputes. She regularly handles real estate law matters such as landlord-tenant disputes, lease agreements, buy-sell disputes, title disputes, and construction disputes. She also has substantial experience settling debts, and she drafts, reviews and negotiates settlement agreements. Attorney Yu conducts extensive legal research and provides on-point legal advice to both corporate and individual clients.
Dual Qualified New York Attorney & Enrolled NZ Barrister & Solicitor
I am an experienced in house counsel and have worked in the pharmaceutical, consumer goods and restaurant industry. I have experience with a variety of agreements, below is a non-exhaustive list of types of agreements I can help with: Supply Agreements Distribution Agreements Manufacture Agreements Service Agreements Employment Agreements Consulting Agreements Commercial and residential lease agreements Non-compete Agreements Confidentiality and Non-Disclosure Agreements Demand Letters Termination notice Notice of breach of contract My experience as in house counsel has exposed me to a wide variety of commercial matters for which I can provide consulting and assistance on. I have advised US, Canadian and International entities on cross-functional matters and have guided them when they are in different countries and jurisdictions as their counterparties. I can provide assistance early on in a business discussion to help guide you and make sure you ask the right questions even before the commercial agreement needs to be negotiated, but if you are ready to put a contract in place I can most definitely help with that too.
Jeff Colerick has been practicing law for over 30 years and has devoted his professional career to providing clients with intelligent representation and personal care. His experience as a lawyer involving complex matters has resulted in a long history of success. Jeff has built a practice based on a deep understanding of real estate assets and corporate activities. He combines his industry knowledge with a practical and collaborative approach to problem solving. Jeff’s client relationships are strong because they are built on mutual respect. Jeff talks the language of real estate and understands that it is a vehicle to deliver your business strategy. Jeff provides practical, responsive, and strategic advice related to real estate acquisition, construction, leasing, and sale of a wide range of real property types, including office, retail, medical, industrial, industrial flex-space, mixed-use condominium, multifamily and hospitality. As leader of the Goodspeed Merrill real estate practice group, Jeff represents clients with commercial and residential transactions, purchases and sales, land acquisition and development, real estate investment and financing, financing liens and security interests, and commercial leasing and lease maintenance, including lease enforcement support and advice. The firm represents clients in matters concerning construction, lending, developers, contractors and subcontractors, cell site leasing, property and boundary disputes, common interest community law, and residential condominiums and planned communities.
Harrison Kordestani is an executive with over twenty-five years experience in entertainment and media, energy, technologies, and start-ups. Mr. Kordestani has also developed a specialized legal and strategic consulting practice representing select entertainment, oil and gas, mortgage lending, and technology start-up clientele. He is also deeply passionate about new technologies and has also actively worked in building companies in the video-on-demand, wearable tech, information of things, demand prediction and app-marketing spaces. As an attorney, Mr. Kordestani's focus has been on transactional drafting and negotiation and providing ongoing legal counsel, corporate compliance, and contract interpretation to numerous private individuals as well as companies in varied fields.