Types of Contracts
There is a world of contracts to discover if you’re running a business. Here are some contracts that you are likely to encounter:
1. General Business Contracts
This type of contract is related to a business structure and how parties are protected under certain agreements. This includes partnership agreements, indemnity agreements, non-disclosure agreements, and property and equipment leases.
2. Bill of Sale
A bill of sale legally documents a sale transaction that may be absolute or conditional. It is typically used when the ownership of a property or asset is transferred from one party to another.
3. Employment Agreement
This is a legal agreement that ties together a client and a service provider or an employer and an employee and would define the conditions of engagement or employment.
4. Licensing Contract
A licensing contract involves a licensor granting the licensee the right to perform the following: apply for a brand name or trademark, manufacture and distribute products or use patented technology under the name of the licensor.
5. Promissory Note
This contract is frequently used as a debt instrument in which the payer promises to pay the payee a specific amount of money at a certain date, reduced to a written document.