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.