About the Contract Template
This form is a document is a contract between two parties. It covers a party sets a variety of terms and conditions of the agreement, and the other party has no or very little ability to negotiate more favorable terms and conditions and thus placed in a “take it or leave it” position. It usually used when you want to sell goods, items, or services that require delivery.
What should be included in a contract form
A contract form should contain below-mentioned points:
- A standard form should contain “an offer” A standard contract form should contain “Acceptance of the offer.”
- A standard contract form should contain “promise to perform”
- A standard contract form should contain “a valuable consideration.”
- A standard contract form should contain “time or event of when the performance must be made.”
- A standard contract form should contain “Terms and conditions for the performance.”
- A standard contract form should contain “performance.”
Service Contract Example
Types of Contract Form
There are many types of contract forms. Some of the commonly used forms are mentioned below:
- Express Contract form: An express contract form include terms that are stated expressly or openly either orally or in writing.
- Implied Contract form: An implied contract form includes terms that must be inferred by facts, actions, and circumstances that would indicate a mutual intent to form a contract.
Employment Contract Template Word
- Unilateral Contract form: A Unilateral contract form includes only one party promising to provide something or take action. A unilateral contract form is also known as a one-sided contract form.
- Bilateral Contract form: A Bilateral contract form includes both parties agreeing to exchange services or items. Bilateral contracts are also known as a two-sided contract.
- Unconscionable Contract form: An unreasonable contract form is considered unjust by being unfairly weighted to give benefit to one side over the other.
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- Adhesion Contract form: An Adhesion contract is a contract that is drafted by a party with a great deal and more bargaining power than the other party. It means the weaker party can only accept or refuse the contract.
- Fixed Priced Contract form: An attached priced contract form includes a seller and a buyer on a set priced to be paid for a project.
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- Options Contract form: An option contract template form enables a party to make another contract with another party at a later time. An example of an option contract template is in real estate, where a prospective buyer will pay a seller to take the property off the market, and a later date, enter into another contract made to buy the property outright, should they choose to do.
- Aleatory Contract form: An aleatory contract form is a contract in which agreement is not triggered until an outside event happens. Insurance policies would be an example of an aleatory commitment.
A contract template form offers legal protection for both parties. If a template form is written correctly, then it will make sure the service provider receives payment on time. If an issue occurs, the written contract form will make enforcement much easier for both parties.
That’s all about contract and its types, if you guys still have any question regarding this you can ask in comment box, we will get back to you ASAP!