Contract templates & agreements

Five reasons you should be using contract templates

Whether you have a legal team of thousands or you’re a one-person army responsible for everything from employment contracts to catering for the holiday bash, here are five reasons why integrating contract templates into your operations is a game-changer. 

But before we dive in, let’s go over what a contract template is. 

A contract template is a pre-prepared document outlining the terms and conditions one party establishes for another. Imagine it as a standardized form that provides a framework for all parties involved to review, comprehend, and ultimately agree upon.

1. Time saver

With contract templates, you no longer have to reinvent the wheel with each agreement. You streamline the process, saving valuable time. Thanks to the foundation in the template, even minor adjustments requested by either party can be easily accommodated.

2. Protection

Relying solely on informal methods like handshakes or emails leaves you vulnerable to exploitation. You safeguard your organization against potential risks and disputes by formalizing agreements with contract templates. Consulting legal experts ensures crucial terms are captured, offering peace of mind and protecting your reputation.

3. Professional image

Sending a well-crafted contract template signals professionalism and seriousness in your dealings. It's not about being overly formal but demonstrating preparedness and consideration for all parties involved. Your template reflects your commitment to fair and transparent transactions.

When you send it through Contractbook, the receiving party will have the same easy-to-understand experience you had while making the contract. 

4. Accountability

Contracts provide clarity and accountability, reducing the likelihood of misunderstandings or breaches of trust. By setting clear expectations and standards for performance, contract agreements promote accountability and foster better outcomes for everyone.

5. Scalability

Standardized contract templates facilitate scalability by streamlining internal and external processes. They enable your organization (even if you’re a team of one) to efficiently handle increased volume while maintaining consistency and compliance. Plus, centralized documentation ensures continuity, even as changes happen within your organization.

What’s the difference between an agreement and a contract? 

To be honest, you’ll hear both words used interchangeably when people talk. But in legal terms, while "contract" and "agreement" may seem interchangeable, they represent distinct concepts. 

An agreement can be informal, often verbal, while a contract is formal and legally binding, requiring documentation. 

Agreements, sometimes called "handshake agreements," are flexible and informal arrangements between parties. However, their enforceability can vary, particularly in significant transactions or long-term commitments.

Contracts, on the other hand, are written documents outlining each party's obligations and responsibilities. They provide clear terms and legal protection, minimizing disputes and offering tangible proof in case of breaches. Utilizing contract templates can expedite the process while ensuring legal enforceability and clarity of terms.