What should be included in a contract?
The best contracts answer the following four basic questions:
1) What are you promising to do?
2) What happens if you break your promise?
3) What is the other person promising to do?
4) What happens if the other person breaks his/her promise?
I recommend drawing four squares on a piece of paper, and write one question in each square.
This is how it would look:
| What are you promising to do? -pay regularly -give the person access to your records -meet regularly with the person to discuss ideas
|
What happens if you break your promise? -pay 1% interest as late fee -other person can terminate agreement
|
| What is the other person promising to do? -find clients for you -submit written reports about his/her efforts -submit timely invoices -maintain your confidential information -agree not to steal clients or employees
|
What happens if he/she breaks her promise? -a $2000 fee -you have the right to terminate agreement
|
By the covering these basics while you and the other person are “still in love”, you will eliminate the major issues you are likely to “divorce” over later.
(Of course, see a lawyer for personalized advice.)
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