Essential Contracts

My List of Essential Contracts for

Every Business Owner

Every business should have a few essential contracts in place. Here is a list compiled out of our frequently used contracts.

1. License Agreements - An intangible but valuable asset in industries such as technology, biotechnology and publishing. These agreements are a large part of intellectual property law, particularly in terms of enforcement of copyrights, trademarks and patents. A license gives one party the "right" to use another party's asset. The agreement spells out the terms of usage. Be sure to include:

• Terms/Obligations

• Reimbursement

• Restrictions/Infringements

2. Partnership Agreements - Better known as Articles of Partnership. Voluntary contract between two or more parties to place their corporations into business together with the understanding that there will be a sharing of profits and losses. Be sure to include:

• Percentage of ownership

• Allocation of profits & losses

• Who can bind the partnership

• Decision making authority

• In event of death

• Resolution disputes

3. Independent Contractor Agreement - An individual, business, or company that is not an employee of the company but is required to be compensated for services completed for the company. A freelancer if you will. Be sure to include:

• Compensation & details

• Services provided & Ownership

• Resolution of disputes

• Time frames

4. Nondisclosure Agreements - Legal contract between several parties that establish the confidentiality of shared knowledge or materials and restricts third party access. Makes sure no one involved is allowed to 'speak' about or divulge covered aspects of the agreement to anyone else. Be sure to include:

• Definition of confidential information

• Exclusions from confidential information

• Obligations of receiving party

• Time period

This is just our listing but each individual business should have it's own key contracts in place to run a successful business.