Business Management Contract
In this fast-paced business world, contracts need to be written down and notarized before they become valid documents. The days where a simple handshake resulting to a closed deal between two parties are long gone, and contracts have replaced the handshake agreements (although written agreements are still utilized today). You may also see contract proposal examples.
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To help you create a business management contract template, we have provided some examples (in PDF) that you will find very useful when you will be finally creating your own business contract. You may also see project contract examples.
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Essential Components of a Business Management Contract
Listed below are the essential components of a business management contract. Take note that the components or sections listed below are applicable to all types of contracts
1. Parties
The first section of a business management contract always lists down the parties involved. Usually, two parties are involved in a contract—the party that gives or provides the service and the other party that receives or benefits from the service. The party that benefits from the service usually pays for the service. A third or fourth, or succeeding number of parties may provide or benefit from the service, but whatever their roles are, it should clearly written in the contract. You may also see contract examples in word.
For example, one party is a firm looking to outsource its accounting and payroll functions while the other party is a firm who will be the one doing the accounting and payroll function. The name of the companies should be clearly listed in the contract. Aside from the names of the respective companies, the names of the representatives of each company should be listed as well. You may also see payment contract examples.
The representatives will be the ones who will affix their signatures in behalf of the company. These individuals should hold a significant position in the company, such as the chief executive officer (CEO), chief finance officer (CFO), chief operations officer (COO), department manager, or supervisor. Rank-and-file employees should not sign a contract unless directed and accompanied by senior company officer. You may also see examples of employment contract templates.
2. Agreement
The contract is never complete without the agreement between the parties involved. The agreement can either be very short (one or two sentences), or lengthy (one or more pages). The agreement is basically the core of the contract, and a contract cannot be called one if only the names of both parties are only merely stated. You may also see partnership contract examples.
The agreement includes a general statement of what the service or product provider is expected to do for the buyer. The agreement also states whether additional parties are expected to accomplish some work. One example of a contract agreement is the agreement mentioned above—one party is a firm looking to outsource its accounting and payroll functions while the other party is another firm who will be the one doing the accounting and payroll function, or other work assigned by the previous party. You may also see hiring contract examples.
As previously mentioned, the agreement should be clearly specified in the contract. Avoid writing vague or general agreements as this will not benefit either parties in the long run. Additionally, either or both party will not accept the contract if the details of the agreement are not laid out in the contract. For example, avoid writing general statements such as party B will do work for party A or party A will provide service for party B. You may also see moving company contract.
3. Terms
The terms section in a business management contract discusses a more detailed information about the deal or agreement. This section specifically lists the services or products that are expected from the company doing the work or providing the service. The terms section also includes the price of the agreed work, details of the payment, length of the contract, and the delivery date of the product or service. Take note that there are some business management contracts that include special terms (for example if a contract can be cancelled due to a particular reason). You may also see HR contract examples.
4. Signatures and Date
Obviously, a business contract should be signed by both parties. The signatures indicate that the buyer accepts the payment conditions and the seller is agreeable to the work that is tasked for him. In regards to the date, usually appears in at least two areas: within the contract where both parties have listed their names or business names, and the space next to the parties’ signatures. You may also see janitorial service contract examples.
Depending on the maker of the contract, he or she might also include the date at the top of the contract, indicating when the contract was created. Businesses or lawyers who create business contracts sometimes include the date when the transaction took place at the top of the contract. You may also see counselling contract examples.
Effective Business Management Tips
If you are a business owner or employed in a managerial position, you need to properly manage your business so that you can meet your short-term and long-term goals. Here are some effective business management tips that will be very useful for your company:
1. Provide meaningful feedback on a regular basis
Feedback is important for any employee. Even the most seasoned and experienced employees still need positive feedback every now and then. There is only one reason why meaningful feedback is given—to motivate and increase the productivity of employees. Of course, when giving positive feedback, the feedback should be real and should not be given just for the sake of giving a feedback. You may also see yearly contract examples.
If you are holding a top position in the company, you definitely do not want your employees to fear you. Although there are really CEOs and top company officers who prefer instilling fear in the hearts of their employees on a daily basis, being more compassionate makes you more popular and more respected in the workplace. You may also see tutoring contract examples.
2. Respect employees as individuals
This is related to the tip that provides meaningful feedback to employees. You need to respect employees no matter what position they hold. It is common courtesy to respect individuals holding higher positions, but employees who occupy the lowest positions in the company should get the same level of respect as well. After all, they are the ones who mostly do the heavy work on a daily basis. You may also see company contract examples.
Rank and file employees are human beings as well, and the more you insult and intentionally put them down, the easier for them to leave the company and report the company’s maltreatment of employees to relevant government authorities. In contrast, the more employees are respected in the workplace, the more effort they will put in their respective jobs. You may also see contractor agreement examples.
3. Make sure all levels undergo training
Business management also pertains to technical and skills training. It is important that all departments within the organization undergo the necessary training for their employees. A single department is not responsible for the success of the company, but all the departments and employees working in-sync with each other to make sure the product is made and delivered to customers on the earliest possible time. You may also see film production contract.
Training does not only apply to new employees but also to employees who have been in the company for a quite a while. This makes sure that the current crop of employees are up-to-date with the latest industry trends, processes, and advancements in which will be surely applied by every business or organization working within the industry. You may also see sports coach contract examples.
4. Provide support for employees
Employee support can take many forms. This can be in terms of equipment support where employees are provided with the equipment they need to accomplish their daily tasks. Support can also pertain to emotional support where the manager or senior officer acts as a counselor and oftentimes a friend to an employee who is undergoing deep emotional stress. Financial support is also practiced in most companies, but only for urgent or important matters which will definitely affect the employee’s performance (i.e. hospital expenses, death expenses, etc.). Management support in times of need won’t be forgotten as it always builds employee goodwill and loyalty. You may also see writing contract examples.
5. Ensure senior officers act as role models
Nothing demoralizes employees more quickly than seeing senior leaders act in a way they don’t respect, and few things energize employees more than a senior team they admire. Leaders are always being watched and judged; employees have keen eyes (and are keen data sharers!). When leadership is “walking the talk,” it will be quickly noted—but so will “talking the walk” without actually walking it. You may also see remodeling contract examples.
We hope you found this article to be informative especially when you will be creating your own business management contract. You may also see employee contract examples.
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