DoNotPay Assists You With Various Types of Business Contracts
Whether you’re an experienced businessman or just starting out, business contracts can give you a headache. Nowadays, there are countless types of them, which makes it difficult to understand what purpose each one serves. There’s no need to fret, though, because DoNotPay has your back!
What Is a Business Contract?
A business contract is a legally binding agreement between two or more parties. It contains the specifics of buying and selling goods or services between the signers.
For a business contract to be formed, there must be an offer extended by one of the parties and accepted by the other along with:
- A promise to perform a service or deliver a product
- The time required for the delivery or duty to be performed
- The terms and conditions of the contract
What Makes a Contract Legally Binding?
If a business contract is to be legally binding, it needs to include the following elements:
|Offer||One of the parties should offer to provide their service or goods to the other|
|Acceptance||The willingness by the parties to respect the terms and conditions of the contract|
|Consideration||A legal way to say that an exchange between two parties must take place|
|Mutual consent||A statement that both parties mutually accept the terms and conditions of the contract|
|Competence||Both parties need to be competent to sign the contract. This means that they’re:
|Legal purpose||To be valid, the contract mustn't involve illegal actions|
What Are the Most Common Types of Business Contracts?
Here’s a list of some of the most common business contract types:
- Non-disclosure agreement
- Partnership agreement
- Equipment lease agreement
- Indemnification agreement
- Employment agreement
A non-disclosure agreement is a legally binding contract in which both parties agree to keep certain information disclosed. It protects any type of confidential information or trade secrets. There are two types of non-disclosure agreements:
- Mutual non-disclosure agreement—needed when both parties discuss working together and want to keep the details of their business a secret
- Non-mutual agreement—signed by one party that has access to the other party’s sensitive info
A partnership agreement is usually signed by two or more parties who want to manage a business together. It contains the obligations of each party and protects everyone’s interests.
Equipment Lease Agreement
An equipment lease agreement is an agreement in which the lessor (owner) allows the lessee (renter) to use the equipment for a certain time in exchange for payment. It’s commonly used to lease vehicles, factory machines, and similar.
There are two types of equipment lease agreements:
- Capital lease—used to lease equipment that the lessee wants to use long term and then purchase it at the end of the lease period. This type is non-cancelable
- Operating lease—used to lease equipment short term and is usually cancellable before the lease period is over
An indemnity agreement is a contract that guarantees that one of the signing parties will be free from any burden, loss, or damage. It also ensures compensation for the party that holds the contract.
An employment agreement is a contract signed by an employee who agrees with the proposed working conditions and rules. The contract should contain the rights and responsibilities of both the employer and the employee.
Creating All Types of Business Contracts Is Easy With DoNotPay
If you need any type of business contract but don’t want to spend big bucks on lawyers’ expensive services or waste time learning how to make one yourself, turn to DoNotPay for assistance! Our robot lawyer app can generate a personalized contract for you in just a few clicks, saving you both time and money in the process.
To get a customized legal document, here’s what you need to do:
- Sign up for DoNotPay
- Enter the name of the document you need
- Answer our chatbot’s questions to personalize your document
Once you receive your document from us, you can e-sign and get it notarized through the same app. DoNotPay’s Notarize Any Document product can connect you with a remote notary in minutes.
DoNotPay Can Help You With Various Legal Documents
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