Payment schedule agreement template – Anytime you set out to hire a contractor or a subcontractor you will have to be certain 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 based on the law once it has been signed and should be very specific in nature so as to avoid any confusion or possibility of misinterpretation on each 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 should be separated into several sections to be sure that all details of the contract are covered and there is no room for error. It should begin 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 company is being hired to perform. It could also cover any parts or materials that should be used and any specialized equipment that will be needed. For example John Smith is hiring Fred Blogs to utilize his backhoe to dig a trench for utilities which is 3 feet wide by 6 feet deep and 200 yards long.
The next part of the contract agreement should cover compensation, meaning how much the person or company 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 all information gained during the project will be held in the strictest confidence where deemed necessary by the employer. Finally the contract arrangement should include information that covers if the contract is to start and when it to finish.
For people who have never needed to finish this type of contract you can look online where you will find many different sample contract arrangements 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 make certain that the one you choose is lawful in the state where you’re headquartered. Since this is a legally binding contract it is your job to make sure that 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. Have a look the sample of payment schedule agreement template below at the attachment page.