Blog

Business people negotiating a contract

Types of Contracts You Need for Your Business

If you want to protect your business, you need to use contracts. Not only will this protect your business but it can also help both parties understand what to expect during the terms of the agreement. It can also be used if a disagreement arises.

There are many different types of contracts that you may need for your business. Some of them include:

Employee Contract

If you have employees, you might want to consider having a contract for them to sign. This outlines the important information that they need to know about their salary, hours that they are expected to work, and any paid time off that they are allowed.

Certain businesses may also want to protect their valuable information with a confidentiality clause. Others may want a non-compete clause so that their employees won’t quit and take your customers with them.

Independent Contractor Contract

The same should happen if you hire independent contractors. This will outline what jobs they are expected to do and when the work should be done, as well as how they will get paid.

Since most independent contractors work when and where they want, you may want to outline how many hours you expect them to work and how you are planning on measuring the work. You could also add in a clause for what should happen if one or both of you are unhappy with your arrangement.

Vendor Contracts

Most vendors will expect you to sign a contract before they start to work with you and your business. Most of them have already seen a lawyer and have a contract ready to go. However, it is important that you read the fine-print so you know what is going to be expected of you (and what you can expect from your vendor).

Lease Contracts

Whether you are leasing office space or equipment, you are going to need to have a contract in place. This will outline the terms and condition of the lease, including the terms of the lease. It will tell you how much you need for a deposit and what your monthly fee is going to be.

Depending on what you are leasing, you may be required to do certain maintenance in order for the contract to continue. This is especially true if you are leasing equipment.

Contract For Services

Whether you are providing the service or you are offering your services to others, you need to have a contract. It will outline both of your information, what services are expected, when they are due, and how you are going to be paid.

If there are any extras that may occur, you may want to list these (and what they will cost) so that both parties know what is going to happen.

Partnership Agreement

A partnership agreement is essential when more than one person owns a business. It will outline what is expected of each partner in the business, from their obligations and contributions.

Buy-Sell Agreement

A buy-sell agreement also called a buyout agreement, is necessary for the future of your business. If you are the only owner, it outlines what will happen to the business when you decide to retire. If partners are involved, it will outline what will happen if one (or everyone) wants out.

Contracts are essential for any business owner. You need to have one for your employees, independent contractors, and any vendors that you may work with. If you offer services (or use services), contracts are essential to make sure that both parties are happy with the work. If you have partners, you are going to need a partnership agreement.

Contact us for all of your legal needs. We will help you protect your business.