What are the Different Types of Contracts?

What are the Different Types of Contracts?

Written By
Joy Cunanan
Updated on
April 6, 2022
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minutes

Types of Contracts

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. 

Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

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