Repayment agreement template – Anytime you set out to hire a contractor or a subcontractor you’ll need to make 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 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 make certain that the contract you fill out is formatted correctly you may look through various contract arrangement samples to find one that best represents your need.
This form needs to be separated into several sections to make sure all aspects of the contract are covered and there is not any room for error. It should start with a section that explains who is 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 perform. It may also cover any components or materials that are to be utilized 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 metres long.
The next section of the contract agreement should cover reimbursement, meaning how much the person or business will be paid for the job they’ve been hired to do. 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 during the job will be held in the strictest confidence where deemed necessary by the employer. Finally the contract arrangement should include information that covers when the contract is to begin and when it to finish.
For those who have never had to finish this type of contract you can look online where you’ll find a lot of different sample contract arrangements that cover every imaginable type of job. You will most likely find several that relate directly to the job you have in mind and should make 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 you cover all of 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 repayment agreement template below at the attachment page.