Writing Contracts

Writing Contracts

You may think that writing contracts is something best left up to lawyers, and it's true that it's never a bad idea to at least get an attorney to look over a contract you're going to sign. But the truth is, everyday people can write contracts without the expense of a lawyer, as long as they are willing to take the time to make sure all the appropriate items are included.

Below is just a simple list of what you should include in a contract, regardless of what type of contract is.

• Parties involved.

• Date on which the contract goes into effect, and how long the contract will be enforceable. This could mean including an end date, or specifics about how/when either party may terminate the contract.

• Payment amount and method. Also include here what penalties, if any, exist should the paying party be late with a payment.

• Product or service being exchanged, as well as any materials or products that may be used for the relationship outlined in the contract (such as building materials for a construction project).

• Specific terms of the contract, including the responsibilities of each party. This is the heart of the contract, and should be detailed and thorough, to avoid any confusion.