A contract provides both contracts with protection and security, as contracts are legally binding documents. Insert a payment schedule with clear deadlines to make sure you get paid on time. You can either accept staggered payments for a constant cash flow for the duration of the project, or you can accept a prepayment at the beginning of the contract, with the rest of the payment due when the project is completed. If you calculate a late fee for late invoices, you also include your royalty policy in the contract. If you need help creating an invoice for your small business, you can guide the billing process in this article. A handwritten contract may be legally binding if the document contains certain contractual clauses and both parties sign that they accept the terms of the contract. Although handwritten contracts may be legally binding, typed formal contracts are the norm for commercial contracts, and your company should establish formal contracts as part of its current practices. For example, if you are a freelance writer, your legally binding contract would require you to obtain an agreement accepted by your client, to make text services available to your client, and in exchange, he will grant you a cash agreed amount. Contracts are usually written documents signed by both parties, although you are also able to enter into an oral contract.
Electronic communications, including e-mails and TEX messages, can be used as contracts as long as it is clear in the communication that one party offers the terms of an agreement and the other party agrees to these conditions. The seller still has the right to authorize the credit to the buyer. The seller can request a prepayment, an additional guarantee or a guarantee for an immediate payment at any time. If the buyer refuses payment, warranty or guarantee, the seller may terminate the contract, refuse delivery of un delivered goods and the buyer is immediately liable to the seller for the unpaid price of all goods delivered and damages covered in paragraph V below. The buyer agrees to pay the costs of collecting outstanding invoices, including reasonable legal fees incurred by the seller to recover these amounts.