Payment agreement plan template – Anytime you set out to hire a contractor or a subcontractor you’ll have to make sure that 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 when the job has been completed. It is a legally binding contract according to the law once it has been signed and should be very specific in nature in order 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 can look through various contract arrangement samples to find one that best represents your need.
This form should be broken down into several sections to be sure that all details of the contract are covered and there is not any room for error. It should start with a section that describes who is doing the hiring and who is being hired. This section may also be used to describe in detail the job which the person or business is being hired to perform. It may also cover any parts or materials that should be used and any technical 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 must cover reimbursement, meaning how much the individual or company will be paid for the job they have been hired to do. This is followed by an assurance of services that’s the contractor agreeing to provide the listed services for the agreed upon amount and that all information gained during 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 finish this sort of contract you can look online where you will find many different sample contract arrangements that cover every possible sort of job. You will almost certainly find several that relate directly to the job you have in mind and should be certain the one you choose is legal in the state where you are headquartered. Because this is a legally binding contract it is your job to make sure you cover all of 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. Take a look the sample of payment agreement plan template below at the attachment page.