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What is a contract template?

A contract template is a standardized form that has been prepared with all of the aspects of a contract minus the personal details of the party you’re entering into a contract with. For example, it would have the major clauses of a loan agreement without the loan amount and the person/entity taking out the loan.

They’re ideal for agreements that are used often but don’t need to be changed much, if at all, between uses.

Benefits of a contract template

Legal protection

It’s the information age but people still rely on handshakes and verbal agreements to conduct business. While this may work in a few cases, most of the time, a formal agreement is needed. This will make sure that everyone involved knows what’s expected of them and if there’s an issue, it can be resolved quickly.

In the event that the groups involved aren’t willing to compromise, it can be used in court to prove who is in the right based on the terms of the agreement.

Save time

Instead of having to create a legal document or agreement from scratch every single time, contract templates empower your entire organization. Anyone can create a legally binding document in just a few minutes and be confident that it’s in line with the expectations of your organization.

If everyone is creating contracts from scratch then it can be much more difficult and time-consuming. You may also have to enlist professional help every time which can get expensive fairly quickly.

Streamline approval processes

Since contracts are made from a standardized template, the approver will be able to quickly scan the document, pick out the areas that were meant to be changed, and ensure it follows your guidelines. If there’s any deviation from what is accepted in your organization then the person that drafted the contract can be notified and asked to correct it with fewer intermediate steps.

Enhances compliance

This is especially important if you’re in a highly regulated industry. Without properly created contract templates which all the elements of a legally binding contract, you may end up spending a lot of legal fees to ensure you’re compliant.

With a template, you can go through the effort once (like we have with our contract templates) and be sure that the documents you’re using meet your compliance requirements.

Frequently asked questions

Many businesses go into deals without a proper contract or agreement. This creates a lot of setbacks due to disputes. For businesses who wish to isolate themselves from bottleneck issues resulting from mere promises, a contract or agreement is necessary to put things in black and white making sure all parties understand and affirm the terms so agreed upon.

No, you don’t need a lawyer. Why pay a lawyer hefty fees to draft a contract or agreement. Why spend time creating a contract when you can use UsefulPDF’s carefully drafted contract templates to jumpstart your business deals. Our contract templates are carefully created and vetted by a legal expert.

Many businesses spend a good amount of time creating contracts for different purposes. In business, time is money. So why spend so much of it creating contracts from scratch for different clients when you can select a contract template that suits your business needs, customize it, sign and send it to other signers/parties to sign using our eSignature tool.

  • Offer - One party promises a deliverable, action, or even a nonaction in exchange for consideration.
  • Consideration - Usually, this is in monetary terms like how much will be paid for the offer. It can be nonmonetary as well. In the end, it’s the value that has been agreed upon as the exchange.
  • Acceptance - Both parties accept the terms and conditions of the contract.
  • Mutual agreement - two or more parties are in agreement that they’ll uphold (or reject) the terms of the contract.