Partial payment agreement template – Anytime you set out to hire a contractor or a subcontractor you will need to be certain 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 has been signed and should be very specific in nature so as to prevent any confusion or possibility of misinterpretation on each party’s behalf. To be sure the contract you fill out is formatted properly you may look through various contract arrangement samples to find one which best represents your need.
This form should be separated into several sections to make sure all aspects of the contract are covered and there’s absolutely no room for error. It should start with a section that explains who’s doing the hiring and who’s being hired. This section can also be used to describe in detail the job that the individual or company is being hired to do. It could also cover any parts or materials that should 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 that is 3 feet wide by 6 feet deep and 200 yards long.
The next part of the contract agreement must cover reimbursement, meaning how much the individual or company will be paid for the job they’ve been hired to perform. This is accompanied by an assurance of services which is the contractor agreeing to provide the listed services for the agreed upon amount and that all information gained through the job will be held in the strictest confidence where deemed necessary by the employer. Finally the contract agreement must include information that covers if the contract is to start and when it to finish.
For those who have never needed to finish this type of contract you can look online where you will find many different sample contract agreements that cover every imaginable type of job. You’ll almost certainly find several that relate directly to the job you have in mind and should make certain the one you select is legal in the state where you are headquartered. Because 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 make a problem at any point during the duration of the contract. Check it out the sample of partial payment agreement template below at the attachment page.