Payment agreement template in word – Anytime you set out to hire a contractor or a subcontractor you’ll need to be 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 when the job has been completed. It’s a legally binding contract according to the law once it’s 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 correctly you may look through various contract agreement samples to find one which best represents your need.
This form should be separated into several sections to be sure all details of the contract are covered and there is no room for error. It should begin with a section that describes who’s doing the hiring and who’s being hired. This section can also be used to describe in detail the job which the person or company is being hired to do. It may also cover any components 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 metres long.
The next part of the contract agreement should cover compensation, meaning how much the individual or business will be paid for the job they’ve been hired to perform. This is accompanied 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 through the project 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 start and when it to finish.
For those who have never had to complete this sort of contract you can look online where you will find a lot of different sample contract agreements that cover every imaginable sort of job. You’ll most likely find several that relate directly to the job you have in mind and should be sure 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 create a problem at any point during the duration of the contract. Have a look the sample of payment agreement template in word below at the attachment page.