A business agreement, also known as a business contract or commercial agreement, is a legally binding document that outlines the terms and conditions agreed upon by parties involved in a business transaction or arrangement.
It serves to establish rights, obligations, and responsibilities of each party and provides clarity on various aspects of the business relationship. Here are some key points typically covered in a business agreement:
It includes details such as the description of the goods or services, price, payment terms, delivery terms, and any warranties or guarantees.
Entered into by two or more parties who wish to establish a partnership.
Used when two or more parties come together to collaborate on a specific project or business venture & outlines the purpose of the joint venture, contribution of resources by each party, profit sharing, decision-making, and termination clauses.
A NDA is a confidentiality agreement that protects confidential information shared between parties. It ensures that the recipient of the information agrees to keep it confidential and prohibits them from disclosing or using the information for unauthorized purposes.
A franchise agreement is entered into between a franchisor and a franchisee, granting the franchisee the right to operate a business under the franchisor's established brand and business model.
A lease agreement is used when one party (the lessor) grants another party (the lessee) the right to use a property or asset for a specified period in exchange for rent.
A licensing agreement is used when the owner of intellectual property grants permission to another party to use the intellectual property for a specific purpose, such as manufacturing or distribution.
