What is an agreement? An agreement is an arrangement that takes place between two or more parties which could be about business or personal matters. It is important to have a written agreement when doing certain transactions as they serve documentation or proof that both parties have agreed to the same things at the same time.
In this article you will find advertising and marketing agreement templates that you ca use as your own as your reference if you want to create your own agreement document. We will also find out where an advertising and marketing agreement is used on, what elements make up a marketing agreement and the common types of agreement.
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What Is an Advertising and Marketing Agreement?
Marketing is the act of selling products or services that a business carries, which helps generate income for the business. Marketing activities include media planning, pricing of products, development of sales strategies, distribution, customer support and market research. Advertising is a component of part of marketing that is done to draw attention to the products or services that a business offers to promote sales. Advertisements use different mediums to promote certain products and services, like newspapers, radio, television, flyers, signboards and the internet.
Advertising and marketing agencies operate to offer the related services mentioned above. A lot of other business need the help of such agency to make their business known and to help them plan on how they can increase the sales and profit of their business. This kind of transaction requires an advertising and marketing agreement. The provisions in the agreement cover everything about advertising and marketing for a particular business client to help them reach their goals and objectives. Other uses of the agreement are listed below.
- It is used to clearly define the specific terms and conditions of the transaction, including the limitations of both parties. and their duties and responsibilities while the agreement is on going.
- It binds the parties involved making them obligated to the agreement to prevent them from violating any of the stated terms and conditions.
- Payment agreement details of the business transaction is recorded in the agreement, which includes the payment method, payment frequency, payment amount, taxes, late fees and other related fees.
- How the services will be planned and executed is also part of the discussion of the agreement.
- In case of any violations or breaches, a list of remedies or consequences are provided in the agreement to help resolve the issue before its gets to court.
- All the details of the business transaction is recorded and documented in the agreement that is why it is used as proof that the transaction actually took place, and that the parties involved agreed to the same terms and conditions at the same time.
Elements of a Marketing Agreement
There are 12 elements that make up a marketing agreement and they are provided below:
- Legal names and address of both parties – These details are necessary in an agreement regardless of what type it is. The legal names of both parties involved must be specified as well as their legal addresses. This prevents all sorts of confusion and identification. To make sure that you get these details right, it is best to ask and check with your client about it.
- Duration of the agreement – The specific start date and end date of the agreement must be clearly stated. The schedule of activities that will take place must also be provided. In the event that no specific end date can be given for a project to be worked on, completion of the work done should be the basis for the end date.
- Scope of work – This answers the question about what the agreement covers. This information must be noted in the first two pages of the agreement document. The scope of work in the agreement must written as specific as possible and it should include details about has has been agreed upon, your goals, the services that your business is providing, how the services will be carried out, and determine related tangible deliverables.
- Work request clause for additional work – Clients may want to add additional work after the agreement has been signed, which happens all the time. Now, you can’t give free services so you need to be honest with your clients about it. A work request clause for additional work will let them know that you can fulfill their requests outside the scope of the agreement, but it will then treated as a separate agreement and quoted as a separate rate.
- Budget and payment schedule – This is where the payment details of the agreement are stated and the arrangement about how the transaction is going to be paid. This include the total amount to be paid and how payment should be made the client.
- Late payment arrangements – A way for any business to encourage clients to pay on time is by adding late payment fees on top of how much they are supposed to pay. After invoices are sent out, the payment will be due depending on a specified date. The recommended number of days would be 21 days so the full payment should be made within 21 days.
- Agreement termination clause – This specifies what will happen if a party terminates the agreement early or terminates the agreement before its actual end date. You should include details, like how any days notice is needed to terminate the agreement, the method required for termination, how refunds are done, etc.
- Violations or breach in the agreement – Part of the agreement should be dedicated to listing what actions are not allowed or what can breach the agreement at hand. It must be specified and discussed with the client so that they are well aware of this provision before they get to business with you.
- Remedies or steps for resolution – A corresponding resolution for every violation or breach must also be included in the agreement. These steps are taken to resolve the issue to prevent having to go to court for and pay for expensive litigation. If the issue is not resolved, only then can they bring the issue to court.
- Copyright – The agreement should indicate that the processes and systems used to create the final project or final work is the intellectual property of the marketing agency or business. Final output or final work should be identified as intellectual property of the client.
- Confidentiality – The confidentiality clause in a marketing agreement is used to protect both parties from each other. This is also a way for both the marketing agency and the client to protect their trade secrets. The information that must be kept confidential by both parties include the pricing and quotes for the services and emails sent to each other.
- Indemnity – The indemnity clause in a marketing agreement provides some sort of security or protection in situations where work related losses are incurred. This determines If you need to compensate the client for the loss or if you are exempt from any legal responsibility related to the losses.
It is essential to have knowledge of the different elements of a marketing agreement as this will help whenever we need to create this type of agreement of our own. You can also benefit from using agreements as your reference to help you improve and make better marketing agreements. Different agreement templates are available on our website that you may download and use. Choose templates from articles, like Real Estate Partnership Agreement Templates, Outsourcing Services Agreement Templates, and Sample Room Rental Agreement Templates.
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Sample Advertising and Marketing Agreement Template
Common Types of Agreements and Their Uses
There are many types of agreements,but you really don;t have to know all of them. You just need to now the ones that are commonly used because one day you might just come across them. You might already have entered or joined some of these agreements. Check out the list below.
An employment agreement is an agreement between an employer and employee. This type of agreement describes the terms and conditions of the employment, including the duties and responsibilities of both parties in the the arrangement. Employment agreements often come with non-disclosure agreements and non-compete agreements that helps companies protect their trade secrets and prevents employees from starting a business that is in direct competition to their current employers. An employment agreement also covers details about employee compensation, work conditions, hours of work, work shift, etc.
A confidentiality agreement protects confidential or proprietary information from getting leaked or disclosed to individuals or entities who are not part of the agreement. In a confidentiality agreement, one or more parties disclose confidential information for business or partnership reasons. Without the agreement, the said confidential information may get to the wrong hands or the competition, which can ruin or destroy the disclosing party.
Rental or Lease Agreements
Rental and leasing companies use rental or lease agreements when they conduct business. The document is very useful in recording and documenting the arrangements in the transaction that the parties involved have agreed on. The provisions of this type of agreement include, the length or duration of the rent or lease, the property being leased, payment for the rent or lease, etc.
Sale and Purchase Agreements
Sale and purchase agreements come in many forms and are commonly used in sale transactions that require longer periods of time to get completed. Real estate businesses, automotive businesses, and jewelry businesses are some of the few that uses sale and purchase agreements on almost all of their business sales transaction.
Investing means putting monetary assets into something to make a profit or gain something in return. Many businesses rely on the investments from different investors to help them start or even grow their business. The investment is paid back to the investors including the investor’s agreed share or percentage from the business’ profit. An investment agreement is used in this type of arrangement to ensure that the investors will be able to get paid back.
These are just a few of the many types of agreements that are being used in the present. If you would like to know more about agreements and other related topic, then you might want to check them out on our website. To name a few are Dealership Agreement Templates, Service Agreement Templates and Samples, and Separation Agreement Templates.
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