Survey of Business Contracts
Introduction
Business contracts include specific elements, including an offer, consideration, and acceptance. That being said, there are various types of business contracts necessary for different business scenarios. These include sales-related contracts, general business contracts, employment contracts, and the lease. As your business grows, these contracts are only going to become more cumbersome to manage. In this article we present a survey of some of the common contracts business owners are likely to encounter and provide examples of how they can be managed digitally with zform.
Loan Agreements
Many businesses enter loan agreements with banks or financial institutions, who put many restrictions on the borrower (you)! To borrow under a loan agreement one needs to fully understand key issues, such as the total cost of the loan, the payment schedule, the right to prepay the loan without penalty, and more. By filling a loan agreement out online, you can look into these issues much more easily.
Promissory note
A promissory note is an unconditional written promise to repay a loan or other debts at a fixed or determinable future date. It is legally enforceable, but it’s less formal than a loan agreement [1]. As such, it is more suitable for smaller sums of money. You can fill out a promissory note online here.
Service contract
If you provide services as opposed to selling a product, you would want a services contract. This type of agreement lays out the terms and conditions under which you provide services and specifies your responsibilities. Having a good service contract is important to avoid misunderstandings and undue liability, and you can fill out a service contract online here.
Contractor agreement
If you’re self-employed and provide a good or service to a client, there’s a very good chance you’re a contractor. In this case, you’ll need a contractor agreement in order to protect yourself, especially if you get access to confidential and/or sensitive information [2]. You can fill out a contractor agreement here.
Non-disclosure agreement
A confidentiality agreement or a non-disclosure agreement (NDA) is a legally binding contract in which one party promises to keep trade secrets and to not disclose it without authorization. These agreements are key not only to ensure protection of sensitive information but also to seek monetary damages or compensation if the agreement is broken. You can fill out a non-disclosure agreement online here.
Bill of sale
A bill of sale is a legal document that records the transfer of ownership of an asset to a second party in exchange for money. It is commonly used to record the sale of aircraft, autos, motorcycles, as well as sale of personal property [3]. It is drafted by the seller and includes the details of the transaction. If you’re selling something, you can fill it out a bill of sale online here.
Purchase order
A purchase order is a legally binding document between a supplier and a buyer. It contains information on the items the buyer agrees to purchase at a certain price point as well as the delivery date and terms of payment [4]. It is typically used when a buyer wants to purchase supplies or inventory on account. If your business needs one, a purchase order can be filled out online here.