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When a company or individual hires a contractor for providing services or supplies to the company. They sign the agreement with the contractor and it is known as the contractor agreement. This agreement is very common these days and it benefits both the contractor and the owner or project manager. Most of the time, both parties mutually agrees to what will be included in the agreement and they create this official document where in case of big and high profile projects, this process is done by attorneys and lawyers who create the agreement and decide what will be included as terms and conditions in the agreement for sack and benefit of both parties.
Brief Description of Contractor Agreement:
When a company hires a contractor for some work or services, some liabilities come with the project. For example, you hired a contractor to do some construction work on your property and the contractor is either not providing best quality services or he is way behind the schedule. If there is agreement between you and the contractor, you can’t ask him to change the way he works or sue him in the court for not providing what he agreed to.
This is where the agreement comes handy as it forces the contractor to complete his work and tasks exactly in the way he agreed to on the agreement with the project owner. This agreement not only benefits the project owner but also the contractor. It is possible that even if the contractor has done everything by the terms and conditions of the project, the owner denies paying him or asks him to extend the payment terms as he can’t arrange for the money to make the payment on time.
This can create problems for the contractor and if there is no agreement, he can’t do anything except to wait for the project owner to arrange for the money. When the contractor signs the agreement with the owner. He can take this matter to the court if the owner refuses to make the payments on time or simply denies paying anything due to any reasons. Another important feature of this agreement is that when there is contractor work, there will be some damages to your property or delays in providing goods for your company. And when this agreement exists, both contractor and the project owner can solve the matter without involving third party in the dispute. This agreement also comes handy in case of damage and insurance claims on the property either by the project owner or the contractor.
Key Elements to add in the Contractor Agreement:
- Name of the owner/project manager
- Name of the contractor(s)
- Type of project to execute
- Details and specification of the project
- Detailed list of services expected from the contractor
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Payment details and schedules
- Termination of the agreement details
- Results of violation of the agreement
- Validity and limitations of the agreement
- Signature of both parties with witnesses
Free Contractor Agreement Templates
Download all these Free Contractor Agreement Templates that can easily help you to prepare your own Contractor Agreement effectively.