Payment arrangement agreement template – Anytime you set out to hire a contractor or a subcontractor you’ll have to be sure that you have a written contract in place. This document represents an agreement between both parties about what is expected and the compensation which 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 chance of misinterpretation on either party’s behalf. To be certain that the contract you fill out is formatted correctly you can look through various contract arrangement samples to find one which 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 is no room for error. It should start with a section that describes who’s doing the hiring and who is being hired. This section may also be used to describe in detail the job that the individual or business is being hired to perform. It could also cover any components or materials that are to be used and any technical 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 section of the contract agreement must cover compensation, meaning how much the person or business will be paid for the job they have 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 agreement must include information that covers if the contract is to start and when it to finish.
For people who have never needed to complete this type of contract you can look online where you will find many different sample contract agreements that cover every possible sort of job. You’ll most likely find several that relate directly to the job you have in mind and should make sure that the one you choose is legal in the state where you’re headquartered. Since this is a legally binding contract it is 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 stage during the duration of the contract. Take a look the sample of payment arrangement agreement template below at the attachment page.