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What Are Fundamental Parts of a Business Contract?

All business contracts should include fundamentals such as:

  • The date of the contract

  • The names of all parties or entities involved

  • Payment amounts and due dates

  • Contract expiration dates

  • Potential damages for breach of contract, missed deadlines or incomplete services

 

You might need to write a business contract any time goods, services, money or anything else is exchanged. All kinds of business relationships thrive on contracts, and entities involved might include individual people, companies, non-profit groups, corporations and organizations.