Owner financing contract template – Anytime you set out to hire a contractor or a subcontractor you’ll 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 was completed. It is a legally binding contract according to 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 that the contract you fill out is formatted properly you can look through various contract arrangement samples to find one which best represents your need.
This form should be separated into several sections to be sure all aspects of the contract are covered and there is no room for error. It should start with a section that explains who is doing the hiring and who is being hired. This section may also be used to describe in detail the job which the individual or company is being hired to perform. It could also cover any parts or materials that are to be used and any specialized equipment that will be necessary. 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 section of the contract agreement should cover compensation, meaning how much the person or company will be paid for the job they’ve been hired to do. This is followed by an assurance of services which is 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 agreement should include information that covers if the contract is to start and when it to end.
For people who have never needed to complete this sort of contract you can look online where you’ll find many different sample contract agreements that cover every imaginable sort of job. You’ll most likely find several that relate directly to the job you’ve got in mind and should make certain the one you select is lawful in the state where you’re headquartered. Because this is a legally binding contract it is your job to be sure that you cover all of the bases and leave no room for the independent contractor you hire to make a problem at any point during the duration of the contract. Take a look the sample of owner financing contract template below at the attachment page.