What Is A Business Contract?

View our list of online business contract forms for your business

A business contract is a legally binding agreement between two or more parties that outlines the terms and conditions of a business transaction.

The contract can be between businesses, between a business and an individual, or between two individuals.
The purpose of a business contract is to establish the obligations and expectations of each party involved in the transaction.

What does a business contract consist of?

The contract typically includes details such as the scope of work, payment terms, delivery dates, warranties, and any other relevant terms and conditions.

Business contracts can take many forms, depending on the type of transaction and the parties involved.

For example, a contract for the sale of goods may include details about the quantity and quality of the goods, the price, and the delivery schedule.

A contract for services may include details about the specific services to be provided, the duration of the services, and the payment terms.

Business contracts are legally binding, which means that if one party breaches the contract, the other party may have legal recourse to seek damages or other remedies.

It is important for businesses to carefully review and negotiate contracts before signing them, to ensure that the terms are fair and reasonable and that they fully understand their obligations under the contract.

Click here to view our list of business contract forms.
Click here to view our list of small business resources to help you run your business.
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Author:
Jonathan Titley

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Co-founder:
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Disclaimer:

All information in this article is for educational purposes only.