Contract is a legally binding document containing the terms and conditions agreed upon by 2 or more parties for conducting certain business. The contract puts all the parties in legal obligation to fulfill all agreed upon or else they can be held liable in the court of law. Therefore, contract is serious business, and businesses have to careful when entering into one. Most businesses employ the services of layers for this, but many of their employees are also capable and understanding and formulating contracts.
Contracts are mostly done when two or more parties agree to work together towards a certain goal. Most of the time, in such contracts, one of a purchaser and the other is a buyer. The third person involved in the contract can be a overseer or someone who is entitled to a commission or finder’s fee.
Most of the terms and conditions in the contract are the about the quantity and quality of the goods and services that are to be provided, the dates on which they are to be provided, and the price that has been agreed upon that is to be paid for the said goods and services. If there are any changes to be made in the contract, all the parties involved have to be notified, and only after everyone’s consent, the changes are made. If any of the party violates their terms, they immediately become legally liable in a court of law.
To know more about contracts, you can do a procurement specialist course that will help you understand better.