If you are a new business owner you will need to start making a lot of contracts. These provide vital protection moving forward.
A business contract usually includes elements like an offer and acceptance, considerations and legal subject matters. If you’re unsure what type of contract you want, here are five types of business contracts that can jog some ideas.
1. Non-disclosure agreements
A non-disclosure agreement — also known as an NDA — is a contract for when you need to share private information with others, but do not want it shared further.
There are three types of NDAs:
- Unilateral: Requires only one party to disclose private information to the other
- Bilateral: Requires both parties to share confidential information with each other
- Multilateral: Requires three or more parties to share confidential information with each other
2. Employment contracts
Employment contracts outline the responsibilities and rights of the employer and employee. They typically contain information like length of employment, salary and benefits.
3. Bill of sale
A bill of sale is a document containing records of an exchange of products between a seller and a buyer. It usually goes by names like “proof of purchase” and “sales receipt.”
Sellers and contractors give invoices to buyers/clients to receive payment for goods or services. They may include terms of payment, the price of said goods or services and/or the names of the parties involved.
5. Partnership agreements
A partnership agreement is a contract between two or more parties to forward a joint venture. Individuals, businesses and non-profit organizations can use partnership agreements.
If you want more information concerning business contracts, reach out to experienced legal guidance for assistance.