A business contract is a legally binding document between at least two entities, drafted for a specific purpose. While contracts are best kept as simple as possible, some elements tend to always be included:
- Parties involved – Include the names and addresses of all the people and/or businesses involved.
- Scope – This is a clear description of what goods and services will be provided, and by what due dates.
- Price and payment – This is a description of how much the goods or services cost and the way they will be paid.
- Responsibilities – Describe which party is responsible for what; include possible events such as missing a deadline.
- Terms and conditions – Include any special clauses.
- Signatures – All responsible parties must sign and date the contract.