Page 70 - MICROHUB Handbook - ENGLISH

5. Specify payment obligations

Specify who pays whom, when the payments must be made,

and the conditions for making payments. As you might guess,

money is often a contentious issue, so this part should be

very detailed. Consider whether you are going to pay in

instalments or only when work is completed

to your satisfaction.

6. Agree on circumstances that terminate the contract

It makes sense to set out the circumstances under which the parties can

terminate the contract. For instance, if one party misses too many

important deadlines, the other party should have the right to terminate

the contract without being on the hook legally for breaching (violating)

the agreement.

7. Agree on a way to resolve disputes

Write into your agreement what you and the other party will do if

something goes wrong.

8. Keep it confidential

Your agreement should contain mutual promises that

each party will keep any business information learned

of while performing the contract strictly confidential.

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