The Intricacies of a Contract Template
If you are over 18, you probably signed a legal document at some point. Contracts are inevitable, and more often than not, quite beneficial. Getting a new postpaid phone, subscribing to a streaming service, buying a car or an apartment, selling some goods—all of these actions require a legally binding contract to ensure you won't be a victim of fraud. If you want to know all there is about contract templates, check out our useful guide.
Why Would I Need a Contract Form?
A contract form is a customizable template that provides the framework for a legally binding document. It helps you create a contract, which defines the responsibilities of the parties involved.
The advantages of having a contract form are that it:
- Saves time
- Improves the result
- Ensures consistency
How Does a Contract Form Save Time?
Templates contain the general requirements of a contract, so it is much easier to make the initial draft of any contract with a template. You can use old documents to come up with new ones, but it is a much slower process. Ultimately, templates speed up the agreement creation process.
Contract Forms Improve the Result
A contract form helps you create an adequate document without worrying about the form, style, and mandatory sections. A good template ensures all the relevant issues are considered, so you can create a consistent and transparent contract.
Ensuring Consistency With a Contract Template
Consistency means less room for deviation from all the terms set out in the contract. It is beneficial because it can prevent either party from making mistakes due to the ambiguity of some terms. Vagueness is a common mistake in rookie contracts, and it often causes problems for both parties.
What Should I Put in My Contract?
Writing a contract can be intimidating. It is a serious legal document, and you have to be sure you add all the important details to it. If you are afraid you might leave out something important, we listed the essentials of any contract for you:
- The parties’ names and addresses
- The rights and responsibilities of each party
- Payment terms and requirements
- Termination rules and methods
- Dispute resolution
- Liability regulation
- The duration of the contract
- Definitions of key terms
- Description of goods or services in the case of buy/sell agreements
- Renegotiation or renewal options
Types of Contracts
There are numerous contract templates since agreements vary in scope and purpose. Some of the most important contract types are:
- Unilateral—Typically used for awards, for example, giving a financial reward if someone finds your lost item
- Bilateral—Two parties exchange items or services of value
- Executory—The parties must perform certain duties by a specific date. An example of an executory contract is the one between a lender and a debtor
- Express—Lays out the terms and conditions of an agreement, either verbally or in writing
- Implied—The actions of the parties determine whether the contract is enforceable, for example, painting the room for your friend and getting paid without putting the agreement in writing
- Voidable—Unenforceable because they don’t reveal an important fact when signed. If you sign the contract to buy a house and then find out it has a pest infestation, but the seller did not inform you about that, the contract is deemed voidable
- Contingency—If-then agreement, signed when the parties can’t reach a definite agreement, i.e., a company hiring a freelance worker after his/her work is approved by stakeholders
- Verbal—Two or more parties have settled on an agreement but haven’t written it down
- Adhesion—Drafted by a party with stronger bargaining power, for example, a bank, and signed by a party with less bargaining power, such as a house buyer
- Aleatory—Something needs to happen before the obligations of the contract are carried out, and the most common example is an insurance policy
- Cost-plus—One party agrees to reimburse another party for expenses, plus give a specific amount of the profit. Construction business contracts are one example of cost-plus agreements
Use DoNotPay To Make Personalized Contracts
If all that you have read so far about contracts and contract forms makes you feel a bit overwhelmed, we’ve got some good news for you! You don’t have to waste time with unreliable legal document samples or templates. With DoNotPay, you can easily generate a personalized contract. Follow these steps:
- Open DoNotPay in a web browser
- Enter the name of the document you want to use
- Answer our chatbot’s questions
- We’ll generate a contract for you instantly
Always sign or notarize the contract to make it official.
We offer numerous legal documents at the moment, so check out the table below and pick the contract you need:
|Business and Real Estate Documents||Other Documents|
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