Having to start your very own business is probably one of those most overwhelming moments of your life that you just couldn’t help but be overcome with joy and a sense of achievement because you have attained another milestone in your life that is definitely worth celebrating!
As you prepare yourself with the notions of empire- and wealth-building and prepare yourself with the endeavors of a well-rounded, well-experienced and respected entrepreneur or business person, one of the many important things that you should be taking time to take care of is the paperwork process for your business. For your convenience, you can check out Sample Agreements on this page that you might find useful.
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According to Business Dictionary, a business agreement is an agreement made by two or more parties: commonly the business owner, the clients or the customers, the investors, the shareholders or the stockholders of the company, and the like. The understanding or agreement between these parties are legitimately bound by law usually given by the purpose of the implication of an acceptable standard of performance, depending on the said business agreement.
Kinds of Business Agreements
Since there are a bunch of business agreements with different and distinctive uses, here are some of the types of business agreements with its usage that might be helpful for you so that you can be able to choose and decide which kind of business agreement would be suitable and would perfectly fit on which endeavor or situation you may encounter on your entrepreneurial journey.
- Business Partnership Agreements – is perhaps one of the most commonly used. It is an agreement between business partners as well as their ownership, contributions, and obligations to the company or business.
- Business Loan Agreements – this type of business agreement contains specific details of the loan or debt amount, the interest rate, and the schedule of the payment. It specifies the terms of loan between a business and another entity.
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Kinds of Business Agreements (continued)
- Nondisclosure Agreements – is a kind of business agreement form that gives the owner of the business a legitimacy if someone—may it be a manufacturer, an employee, a service provider, a vendor, or a supplier—shares any private or confidential information about the business. This is so to protect your business’ important private and confidential information.
- Business Consulting Agreements – this agreement is specifically between the company and the business consultant. It details the term of the agreement, the services being provided, and exact payment details. The agreement should also specify if the consultant is an employee of the company or an independent contractor.
- Indemnity Agreements – as “indemnity” itself means a security or protection against a loss or other financial burden, an indemnity agreement is clearly the kind of agreement in which a certain individual would agree to secure a person against any loss, especially on financial matters.
- Business Purchase Agreements – this kind of agreement entitles the business owner to buy an item inclined to the agreement that has been made. It would also adhere to the quantity of the products, the price rates, the mode of payment, and the date of the delivery that has all been agreed upon with the business purchase agreement.
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