Advice When Using a Basic Contract Template
Even for a business owner who primarily provides services to their clients occasionally the need will arise for a contract which will help them sell something to a client. This is when having a basic contract template available can help.Download Template
What We Will Address Here
- Basic Contract Structure
- When Written Contracts Should be Considered
- Customizing Basic Contract Templates
- Helpful Resources
Basic Structure of a Contract
There are some basic items which must be contained in all contracts to ensure they are binding on all parties. Some of the basic items which you will find in a basic contract template include:
- Identity of buyer and seller
- Description of item to be sold
- Location of item to be sold
- Price of item to be sold
- Deadline for payment of item
- Delivery or pickup location/date/time
- Changing the terms of agreement
- Resolution of dispute if applicable
- Signature of both parties to the agreement
Naturally, if you have more than one item to be sold, you will want to include an itemized list of each item along with the price each item is being sold for. If there are any caveats to the contract, such as the item must be independently evaluated for value prior to the sale being binding on the parties, then that could be handled by an addendum to the basic contract template.
When Written Contracts Should be Considered
Oral agreements are nearly impossible to enforce unless there is a determination the agreement was entered into under fraudulent circumstances. There are certain contracts, such as real estate transfers, agreement to pay debts on behalf of another person, contracts which bind either party for one year or more, or in some states, when dollar amounts are in excess of what state laws permit.
Basic contract templates can help make sure nothing is left to chance and that fulfillment of an agreement will be enforceable in the event of unforeseen circumstances. The last thing you need is someone to have second thoughts and change their mind, leaving you to start the advertising process over again.
Customizing Basic Contract Templates
One major reason to consider using a basic contract template is the contract is fully customizable. This allows you to do your negotiating with the buyer prior to sitting down and memorializing your agreement. A basic contract template can be modified to fit your specific needs without the hassle or expense of seeking legal advice for what would otherwise be a straightforward transaction.
- 10 Steps to Create a Simple and Effective Client Contract
- Ten Tips for Making Solid Business Agreements and Contracts
- What to Consider When Writing a Contract
Finalizing Your Contracts Requires Signatures
Regardless of what type of contract you are entering into, the legality often comes down to having a signature from both parties to the contract. This is the last step that must be taken in order for the terms and conditions of a contract to be legal.
When utilizing a basic contract template, you want to make sure there is a spot listed for the name of the buyer and seller to be printed, the date of the acceptance of the contract and an area which is available for the signature of both parties.
If you and the buyer of your goods are uncertain about when you will be able to meet face-to-face, there is an option! E-Signing is secure, easy to do, and helps finalize your agreement. You can use Nitro Sign to get any of your contracts or important documents signed quickly and easily today.