There are multiple important aspects to a contract. A contract usually should clearly set out your duties, options for termination, and dispute resolution procedure.
You can find the key differences between an informal agreement, a simple written contract (based on a template) and a tailored contract below.
|Informal agreement||Simple Written Contract||Tailored contract|
|Sets out your duties clearly||Not really.||Yes, but important small aspects may be missing, which may turn out to be a problem later||Listing your responsibilities exactly in a legally recognisable manner ensures both you and the company you will work with have clear responsibilities towards one another|
|Options for termination||When a simple agreement is made, it is rarely considered that things could go wrong. You leave yourself open to problems without a section on termination of contracts||Rarely considered in simple contracts, such as the templates that you may find online||In the legal arena, being exact and accurate is everything. With Sterling Law’s help, your company will have clear and legal recourse if something is being done incorrectly or to a poor standard, or your company is being exploited|
|Dispute resolution||Very rarely included||Typically limited in what it covers and leaves you open to legal action in situations where problems can be resolved more easily||Very important to have – it protects you and your partners from arbitrary legal action, and gives a simple path to resolve 99% of problems with a contract that is clear and easily applicable. Courts in the UK expect you to follow your dispute resolution steps first instead of legal action, which further protects you from legal action and costs. You can even come up with different methods of resolution for different aspects of work.|
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