Seven Key Elements to Put in Contractor Agreement
Having other parties to do the project you have is something that common people tend to do, especially for a property project. When it is for business purposes, to get the best deal you may need to sign the contract agreement between the first party which is you, and the second party which is the contractor you hire. This document is needed because it performs legal protection for both parties, assigns roles and responsibilities, and also elaborates services that need to be performed. There are also some options for this kind of agreement. Some contractor comes in independent agreement, meanwhile, some others are not.
Seven key elements should be put in the contract agreement template particularly the independent contractor. First is statements of relationship. Remember that this is a business relationship so that needs to states clear statements. It can be to prove work status of tax or financial process or even the protection towards employee misclassification. As the second is project description where it explains the specific project that needs to do. It draws the scope of the project and measure that the contractor and the client are on the same page of terms. It is better to prepare the backup plan to help you if there are any changes need and the plan can be approved quickly. The next is payment and billing terms. Explain briefly about your absolute bottom line what you ask for, and what you want.
Samples of Contractor Agreement :
Other than that, the contract agreement template should also be included the responsibilities for both parties. It is best to get the responsibilities in written also ask the contractor to include insurance coverage if you desire it. Project timelines and deadlines are two important things that should be set clearly. If you do not know yet the exact time, you can set an approximate timeline. The contract itself should describe the termination conditions too. This settles the rights for both parties which also draws the worst scenario. The last key elements are non-disclosure terms and confidentiality and non-compete clauses. You can easily download this type of template by clicking on the free download link provided at the bottom of this page too.
Contractor Agreement Template | Word – download
