Here is our collection of Free Agreement Templates that anyone can use to write his/her own legal agreement. These sample agreements are prepared using MS Word so that anyone can easily edit them.
Think of an Agreement as an understanding moving around specific terms and conditions between two or more parties. These parties can be individuals or business companies depending upon situation and circumstances. In its core, its a relationship to bind its parties for certain promises of taking responsibilities or performing particular actions. Usually, such arrangement is requires writing down on a paper and signed by the parties. We are providing similar kind of Sample Agreements to assist our website visitors in drafting their own agreement easily.
Writing Business Agreement
Business agreements are very much important in company to company relationship and company-business partner relationship. A Business Agreement is basically between two or more organizations who shares a particular business or shareholders.
Business Agreements typically operates with different business contracts, internal affairs of the businesses and acquisitions taken place within business (sale and purchase). These agreements regulates many aspects of business such as, confidentiality, hiring, partnership, employment, trade etc.
There are many types of Business Agreements given as follows;
- Non-compete business Agreement: A non-compete agreement is a clause under which one party (usually an employee) agrees that it will not enter or start a same profession or trade in competition with another party (usually the employer).
- Confidentiality or privacy agreement: A confidentiality agreements made between an employee and employer agreeing that the particular information of the business will not be revealed to any other party or anyone not related to that contract. It is most important agreement between two parties holding business agreement.
- Buy and sell business agreement: A buy-sell agreement is an agreement between the owners of a company, which sets forth in the ownership of the company. A buy-sell agreement is like the company’s organizational document or a separate agreement and its purpose is to stop the transfers of the owner’s interests in the company, and delivers an orderly move of ownership in the event of an owner’s death or retirement.
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Purpose of Business Agreement:
A written business agreement plays a vital role in business formations and agreements, it also serve as future references or business policies and provides a proof in the vent that any misunderstanding happens.
- Helps when any misunderstanding occurs.
- Provides security.
- It guarantees the confidentiality.
- Serves as an official document and record of a business.
Drafting an Agreement (Step by Step):
Here are steps of writing a business agreement.
Step 1: General considerations to be taken:
First of all, make sure that the parties who are involved in the agreement are fully able to understand the terms and purpose of the contract. The members of the parties are at appropriate age and knowledge according to the state’s law.
Step 2: Regulate the purpose of the contract or agreement:
The purpose of the agreement should be informed clearly to everyone involved in the agreement. And off course, the purpose of the agreement should always be valid and legal.
Step 3: Set the rules and terms of the business agreement:
Terms are decide by the consent of both parties. For example, what to offer, when to offer. Make sure that the agreement must fulfill the requirements of the business. In some events, verbal agreements are considered as legal contracts. Generally it is better to get a contract in writing. Written contracts provides a better job of preventing confusion about terms and support all parties in understanding their obligations.
After this, when you begin to write the agreement, start with the basic information.
Write the name of the organization, names of the parties and then the names and designation of the authorized persons of the business i.e. CEO, GM or Director.
Use concise and plain language that both parties can understand easily. And should be clearly mention the services to be provide by each member of a party.
Include the way of making payments (cash, check, or credit card, for example) and the amounts that will be due and the due dates.
Describe each and every aspect in detail with the legal consent as well as mention the legal location authorization of your property or services and goods you are selling.
Define and explain each and every item clearly, its properties, merits and demerits.
Then add confidentiality clause, it is most important aspect for the agreement, as it limits the both parties to reveal any information outside member or anyone out of the business at any cost unless the business requires to do so.
Breaching or Termination of an Agreement
Then it comes the breaching of the contract. If breaches occurs then who will pay the court fee and attorney fee. If the agreement is for a small business, then add an alternative dispute resolution (ADR) item. Alternative dispute resolution is a term for t a legal dispute short of litigation. ADR is faster, simpler, efficient and more flexible than litigation. It is a private proceeding. Types of ADR include mediation, arbitration, and negotiation the contracting parties talk through their dispute and find a compromise.
Then include the “termination of the contract “item. Specify how long the contract will last. Mention the exact date and time on which the agreement will expire and decide either to update or amend it in future and what are the conditions to terminate the agreement before the deadline or expiry date.
Reserve the last page for parties to sign. Allow spaces to sign and then last thing is to make a deal. When the agreement is ready, show it to other party and assure them to carefully read and accept the clauses. If other party is not ready to accept any of the item in the contract then negotiate it until both parties comes to complete agreement.
After signing the contract, both parties are legally bound by its terms. If one party does not do what is specified in the contract, the other party has legal law to sue.