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40 Days to a Better Business: Day 16 – Contracts, Part 2


40 Days to a Better Business

Yesterday in part 1 of this 2-part section on contracts we discussed definition, usage and lawyers in regards to contracts. Today we’ll continue on with terms and specific items to include in your contracts.

Terms. Certain items which should always be included in contracts include:

  • Date of the contract. This is the date you draw up the contract and submit it to the other party for execution (signing).
  • Names of parties involved, whether businesses or individuals. For example, because I incorporated my business my clients work with me as a business, not an individual person and that is reflected in my contracts. Though I sign the contracts, my business is clearly named in the contract.
  • Details of services or products to be delivered or received. With my clients I write out specifically in the contract what services I will be providing. Often times in the progression of a project additional services will be needed and if it is not included in the contract, it is up to your discretion as to an additional charge.
  • Payment amount. You want to clearly state how much you agree to be paid for the services or products detailed in the contract.
  • Payment due date. When do you expect payment? Whether you expect half up front for your services or the complete payment to be delivered promptly upon completion of the project or delivery of the product, this needs to be clearly spelled out. Remember, don’t make assumptions and don’t leave room for the other party to make assumptions, either.
  • Deadline. Also known as a ‘time is of the essence clause.’ When are services or product delivery expected?
  • Expiration of contract. Want to work with a new assistant, draw up a probationary contract, which is a contract for a short time period in which services are reviewed and renewed accordingly. Or maybe you are renting or leasing, expiration of the contract would clearly define for both parties when the contract expires.
  • Termination. Upon what conditions can said contract be terminated?
  • Signature. Whether one or both parties sign the contract, the signature ‘executes’ the contract, thereby making it official. A contract is not official until signed.

Lastly, never make assumptions. This is the point of having a written contract. Ask questions to clarify those assumptions that are not spelled out in your formal agreement. If you have any doubt at all about any contract, contact a lawyer before signing.

ABOUT THE AUTHOR: Pebbles Jacobo is the owner of A&P Virtual Enterprises, which she, with the guidance of her husband, started when she began working from home as a virtual assistant several years ago. As Content Director of the leading Christian work-at-home site online,, Pebbles found herself thoroughly intrigued and fascinated with the world of social media. Her love of social media has grown over the years and she now offers social media marketing, along with a host of services, to her clients, which include speakers, authors and entrepreneurs alike. 

Miss any posts from this week or last? Read the entire series here.

Learn more about starting your own business HERE!

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