A standard business contract is a legal document which is required whenever any business transaction takes place. A standard business contract is prepared between partners in a partnership business or between buyer and seller when a business purchase is taking place and many other business related instances. This contract acts as legal evidence.
Sample Standard Business Contract:
This contract has been prepared on 15th December 2010 between Ron Howard located at 5645 Tennessee Road, Hollywood, Los Angeles 7894 and Jack Woo located at 8564 James Estate Road, Hollywood, Los Angeles 5642 to form a partnership business under the company Name Ron Jack Corporation according to the Partnership Act mentioned in the state laws of Los Angeles.
There are terms and conditions in the contract which both the parties have to keep in mind:
a) The business will deal with only manufacture of garments. Neither of the parties will be allowed to do any other kind of business without the approval of another partner.
b) The amount of capital required to start the company should be brought in equally by both the partners.
c) The percentage of sharing profit or loss between the partners is 50% each.
d) If the contract is cancelled and the company dissolves all the liabilities should be borne by both the partners equally and the amount recovered after selling of the assets will also be shared equally.
It is evident that both the parties have agreed to the terms and conditions as they have put their signature below:
Ron Howard Jack Woo
Dated: 15th December 2010 Dated: 15th December 2010