So, are you ready for our take on Contracts 101?
Small business contracts are incredibly beneficial. Without business contracts, misunderstandings can run rampant. It is imperative to get your different types of business contracts in writing as you move forward in establishing your business.
Why would I need contracts?
A contract is an agreement. It sets out what each of the parties to the contract promise to do or to deliver. Should things go haywire, you can turn to a court of law so that the conditions of a contract can be enforced. This blog looks at common types of business contracts that most employers would need. Nobody needs the hassle of going to court to sort out business issues. As a small business owner, it will be in your best interest to know what common types of business contracts there are and to think about which ones might be best suited to your company and its workings.
There are three main types of small business contracts.
Some are just plain generic, some are sales-related, and some has to do with employment issues.
Typical, usual business contracts set out the structure of a business and how to protect everyone invested in it. These contracts are usually part of every business, big or small. Not all may apply to you, though.
Here are a few examples:
Other general small business contracts may include agreements with advertising agencies, licensing agreements, indemnity agreements, settlement agreements, and more.
A sales contract sets out how goods, property, and services can be acquired and sold.
It protects the supplier by specifying a delivery date and other payment details. When the goods are delivered, the contract protects the supplier so that he will get his money.
The last type of standard business contracts is employment contracts.
You can, but…
You probably saw that movie where the hero scribbles a few conditions on the back of a pack of cigarettes. He signs his name with a flourish, and the deal is done.
Of course, nothing can stop you from drawing up your own small business contracts. Anything in writing, understood and signed by the parties, is usually considered as a valid contract.
However, few of us layman is experienced enough to think of everything that possibly might go wrong. The different types of business contracts discussed here will only protect you fully if drawn up by a professional. It might cost you a few bucks, but in the long run, it is better to be safe than sorry.
If you are a small business owner, the chances are that you will encounter quite a few of these small business contracts. Contracts are great to quickly diffuse any disagreements, clear up confusion, or to help avoid litigation. BestLegalChoice can help you get any type of contract you need for your business. Find a business contract lawyer to assist with drafting your next business contract. You can post your legal request here or you can call (800) 390-3293 to speak with a lawyer. We only accept a small percentage of lawyers who apply to our platform that must pass our due diligence process. Our accredited lawyers have attained a high-degree of professional achievement in their field of expertise. They help clients prepare any type of contract they need for their businesses. We hope this list of different types of business contracts will help you think about the particular needs of your organization.
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