A written contract agreement contains obligations of each party involved in the contract as well as termination and dispute resolution clauses, according to the Houston Chronicle. The contract also features a date and details relating to the parties, including their full names, titles and signatures.Continue Reading
Obligations may include a service that a party renders to the other party and a payment that another party makes in exchange for the service, notes the Houston Chronicle. The writer of the contract includes all details of the obligations. For instance, a detailed payment obligation specifies the exact amount that a party pays for a service and the time duration within which the paying party must complete the payment. A detailed service obligation, on the other hand, specifies the time duration within which a party must render it, among other details.
The dispute resolution clause helps to settle any conflict that may arise from the contract and specifies a conflict resolution mechanism, such as arbitration, that the parties adopt if the conflict arises, states the Houston Chronicle. The termination clause spells out the procedure for ending the contract. One way to terminate the contract can be a party writing a notice to another party in advance, informing of his desire to terminate the contract. The clause also states how a party must pay for the service rendered prior to the termination.Learn more about Business Communications