Contract is a legal document that helps to make personal and business deals, agreements and promises official, binding and enforceable by law. Contracts are documents used to understand and make clear all terms and conditions of agreements as well as duties and obligations of each party. Contracts are prepared to secure involved parties in business and personal dealings. Contracts are different in types and used in different fields of life for variety of reasons. There are some famous types of contracts used by people in daily life given below for your knowledge and information.
- Employment contract: Employment contract is a document prepared to reveal rights and obligations between both parties’ where one is employer and other is employee. An employment contract may include job title and description, duties associated with the position, location of employment, facilities offered by the employer and any reporting responsibilities related to the job etc. employment contract is a most common type of contracts generally signed by any employee at the time of hiring.
- Business contract: A document that shows the all terms and conditions of an agreement between two or more parties to do or not to do things in order to run a business or organization to achieve mutual goals and objectives. Written business contracts are best for all parties to settle any dispute or misunderstanding and these are also enforceable by law if needed. Business contracts should be prepared by using simple and easy to understand language.
- Sales contract: It is a contract in which a seller agree to sell and a buyer agree to buy different types of property, goods, products and services etc against a specified sum of money under specific terms and conditions. Sales contracts are normally prepared in written format. Sales contract can be used for sale of anything like property, house, car, products and services etc.
- Construction contract: It is a legal agreement between two parties where one may agree to provide construction services and another agrees to get these services in return of particular amount by following the terms and conditions of the contract. Such contracts are generally prepared by construction companies with their clients and customers. Such contracts normally come with an agreed construction plan, estimated time and projected cost with necessary terms and conditions.
- Lease contract: Lease contract is a contract prepared and signed by two parties where one is landlord who agrees to provide his/her property for lease and other is tenant who also agree to use the property for lease purpose and also agree to pay a specified amount as rent. Lease contract is a document to reveal rights and duties of both parties with all terms and conditions of the contract in details.
Contracts are vary in types and used in different fields of life to make legal deals and agreements. Drafting of a contract can be little bit challenging for a person who is totally unfamiliar with contracts, hence a best way to make flawless contracts is use of contract templates. Contract template is a document that assists users in preparation of elegant and professional contracts in very short time.