Terms of payment agreement template – Anytime you set out to hire a contractor or a subcontractor you’ll need to be certain you have a written contract in place. This document represents an agreement between both parties as to what is expected and the compensation which will be paid once the job has been completed. It is a legally binding contract based on the law once it’s been signed and should be very specific in nature so as to prevent any confusion or possibility of misinterpretation on each party’s behalf. To make sure that the contract you fill out is formatted properly you can look through various contract arrangement samples to find one which best represents your requirement.
This form should be broken down into several sections to be sure that all details of the contract are covered and there’s absolutely not any room for error. It should start with a section that describes who’s doing the hiring and who’s being hired. This section may also be used to describe in detail the job that the individual or company 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 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 yards long.
The next section of the contract agreement should cover compensation, meaning how much the person or business will be paid for the work they’ve been hired to perform. This is followed by an assurance of services which is the contractor agreeing to provide the listed services for the agreed upon amount and 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 end.
For people who have never needed to finish this sort of contract you can look online where you will find many different sample contract arrangements that cover every possible type of job. You’ll almost certainly find several that relate directly to the job you’ve got in mind and should make certain the one you choose is legal in the state where you are headquartered. Since this is a legally binding contract it’s 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 terms of payment agreement template below at the attachment page.