Installment payment agreement letter template – Anytime you set out to hire a contractor or a subcontractor you will have to make sure you have a written contract in place. This document represents an agreement between both parties as to what is expected and the compensation that will be paid once the job has been completed. It’s a legally binding contract based on the law once it’s been signed and should be very specific in nature so as to prevent any confusion or possibility of misinterpretation on either party’s behalf. To be sure the contract you fill out is formatted properly you may look through various contract agreement samples to find one that best represents your requirement.
This form needs to be broken down into several sections to make sure all aspects of the contract are covered and there’s absolutely no room for error. It should begin with a section that describes who’s doing the hiring and who’s being hired. This section may also be used to describe in detail the job which the person or company is being hired to perform. It may also cover any parts or materials that are to be utilized and any specialized equipment that will be needed. For example John Smith is hiring Fred Blogs to use his backhoe to dig a trench for utilities which is 3 feet wide by 6 feet deep and 200 metres long.
The next part of the contract agreement should cover compensation, meaning how much the person or business will be paid for the job they’ve been hired to do. This is accompanied by an assurance of services that’s the contractor agreeing to provide the listed services for the agreed upon amount and all information gained through the job will be kept in the strictest confidence where deemed necessary by the employer. Finally the contract arrangement must include information that covers when the contract is to begin and when it to finish.
For people who have never had to complete this type of contract you can look online where you will find a lot of different sample contract arrangements that cover every imaginable sort of job. You will most likely find several that relate directly to the job you’ve got in mind and should make sure that the one you choose is lawful in the state where you’re headquartered. Since this is a legally binding contract it’s your job to be sure you cover all the bases and leave no room for the independent contractor you hire to create a problem at any point during the duration of the contract. Have a look the sample of installment payment agreement letter template below at the attachment page.