How To Draft Various Kinds of Contracts

by | Oct 13, 2014 | Software & Hardware

A part of contract management is drafting contracts and depending on the industry you’re in, you may draft a contract a different way from someone else. It helps to use contract management softwares to assist you in drafting a detailed contract that is legal and according to state and federal laws. You can also read books that teach businesspeople how to draft and understand different kinds of contracts.

Creating A Contract As A Freelancer

Start the contract by typing “Terms of Service” at the top center of the page so that your clients will see what the document will be about. You would then type your name or company name along with your contact information. Give the job an identification number and state when the project will begin. After you do this you’ll list the client’s name and contact information. Once you do this you’ll give a detailed description of the task you’ll complete for the client and the date of completion. Finally, you’ll include the price of the job and terms of payment. Leave a blank for you and the client to sign at the end.

Employment Contract

Here is the process of creating the right employment contract. The contract must have the employee’s starting date and you need to write out in detail what the job duties will entail for the duration of the employee’s time with your company. If you’re offering health insurance and retirement benefits, you should discuss it in the contract. Mention the penalties for breaking any of the rules listed in the contract. The purpose of the contract is to protect your business against labor related legal issues and give the employee an outline of what his responsibilities are.

Make Sure The Contract Is Compliant

No matter what kind of contract you draft using contract management softwares, you need to understand what actually makes a contract legally binding. You should always have the contract in writing and there must be an agreement from both parties to fulfill their duties within the contract. If funds were given in exchange for services, this would make a contract legally binding.

Numerous types of contracts exist and you want to make sure that you’re preparing your contracts carefully to reduce legal troubles that may arise due to legal disputes of contracts. It helps to get help from a professional to look over your contracts before you present it to the parties involved in the agreement.

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