SayPro Common Types of Business Contracts

There are several common types of business contracts that people enter into every day. These include sales-related contracts like a bill of sale or warranty. There are also employment contracts such as consulting agreements and non-compete clauses. There are also leases, joint venture agreements and more.The following checklist serves as a general guide to what provisions may be important to include, or at least consider, in the business contracts that you enter into.Please note that the following checklist is provided for informational purposes only and is intended to be used as a guide prior to consultation with an attorney familiar with your specific legal situation. This checklist should not be considered a substitute for the advice of an attorney. If you require legal advice, you should seek the services of an attorney.Contract Terms ChecklistIdentity of the parties

• Individuals or business entities
• If businesses, what type
• Name of person signing on behalf of the business
• Signer’s official title
• Does he or she have authority to bind the business?
• Addresses of the parties

Purpose(s) of the contractUnderlying assumptionsContract terms

• In general
• Duties of each party
• Rights of each party
• Relevant dates
• Relevant prices or other dollar amounts
• Relevant quantities
• Payment terms
• Lump sum, COD, installments?
• Payment due dates
• Taxes
• Interest
• Late fees

Characteristics of contractA contract has certain characteristic features:It is a juristic act. The law attaches the consequences intended by the parties. The parties should be aware that they are creating a legal obligation between them.It is necessarily bilateral or even multilateral; a contract cannot be unilateral.It is an obligationary agreement. It entails undertakings or forbearances, on one or both sides, to tender certain performances: that is, to give (dare), to do (facere) or not to do (non facere). Alternatively, it may be a warranty that a certain state of affairs exists.It usually entails reciprocity, in that one party’s performance is promised in exchange for the performance of the other party.The modern concept of contract is generalised so that an agreement does not have to conform to a specific type to be enforced, but contracting parties are required to conduct their relationship in good faith (bona fides).Please visit our website at www.saypro.online Email: info@saypro.online Email: info@saypro.online Call: + 27 11 071 1903 WhatsApp: + 27 84 313 7407. Comment below for any questions and feedback. For SayPro Courses, SayPro Jobs, SayPro Community Development, SayPro Products, SayPro Services, SayPro Consulting, and SayPro Advisory visit our website to www.saypro.online