A contract or an agreement is a written document which is signed by at least two people or parties. This is a professional and legal way to make sure that when two companies involve in some kind of business, they don’t need to trust on each other’s words and as they sign the contract, they agree to obey it and provide their duties and perform their responsibilities according to the contract. A contract is the best way to make sure that when you enter in some kind of deal with another company or a person, you don’t see any surprises in the future and everything runs smoothly according to your expectations.
Key Elements to include in the General Purpose Contract:
- The most important thing for this contract is the detail of the parties involved in the contract. This includes the assigner or client and the assignee or the contractor who will provide the services to the client.
- Second most important thing in this contract is to mention the services that you require from the contractor. You can understand that the key purpose of a contract is to make sure that each party sticks to what it is supposed to do or perform so you need to make sure that you include the expectations or services that you require from the contractor in the contract.
- Third important thing in the general purpose contract is the compensation or payments from the client to the contractor. Here you should mention how much you will pay to the contractor and when you will pay him the money.
- You need to explain who will own the intellectual property once the contract is expired. It can be the client or the contractor and no matter who it is, you just make sure that all the involved parties understand the IP terms and conditions.
- In case you want the contractor or other involved parties to keep some information secret from outside the company, you should include a confidentiality clause in the contract.
Here is preview of a Free Sample General Purpose Contract Template created by our staff using MS Word,
Useful tips for creating a General Purpose Contract:
1. Make sure that the parties involved in the contract are legally allowed to do so:
Before you write any names or include any person in the contract, make sure that these people are allowed by the law and government to enter in a contract with you.
2. Include the names of the parties involved in the contract:
You need to mention the names of the involved parties clearly. Mention full names of the assigner, assignee, their agent, the guarantor and the witnesses with their complete residential addresses and contact numbers.
3. Explain what kind of services or responsibilities you expect from the other party:
You need to enlist the responsibilities and duties of each party involved in the contract. This way each of them will understand what they are supposed to do and how they are supposed to do it.
4. Mention the compensation that you will give to the other party:
The client or assigner is required to mention the compensation that he has offered to the contractor in exchange for his services. This also includes the payments along with their dates and payment method i.e. online, check or cash.
5. Briefly describe the terms and conditions of the agreement:
No contract is complete without the terms and conditions. This is why you need to mention all the terms and conditions that both parties agreed in the contract.
Here is download link for this General Purpose Contract Template,