Basic Elements in the Independent Contractor Agreement
Independent contractor agreement must be made when people try to hiring the independent contractor for doing a certain project. There is no doubt that the written contract will be needed by the two parties when they agree to do a specific project or service. People have to make sure that they understand the difference between the contractor agreement and the employment agreement. There are some basic elements which must be included in the contract for hiring the independent contractor.
Of course, we can make sure that it is important to include the hiring company in the agreement. The hiring company is the company which needs the service provided by the independent contractor.
The next crucial element which must be added to the contract is the contractor. It is necessary to make sure that the name of the independent contractor is revealed clearly in the agreement. The independent contractor can be the company or individual. They will be hired for completing the task or the project.
Services and Compensation
The contract between the hiring company and the independent contractor is made because there will be a service transaction which will be made. In this circumstance, the service which must be provided by the independent contractor must be explained properly. When people are explaining the service, they have to include the work product description which will be delivered by the independent contractor. It can also be about the particular task which must be performed by the contractor. Of course, the amount of money and how often of the payment for the hired party must also be included in the independent contractor.
Effective Date and Termination
The project needs to be completed in time so it is also important to include the effective date in the agreement. It will explain the agreement starting and ending date. The termination information must also be included in the agreement. It is about the condition which can make the hiring company end the contract.
Fringe Benefits and More
This element will state that the independent contractor will not be eligible for the sick pay, pension, vacation pay, health benefit, and even unemployment benefit for the employee of the hiring company. The agreement must be written in details because there are more elements which must be added including the assistants, assignment, binding effect, entire agreement, expenses, governing law, indemnification, insurance, notices, representations, severability, waiver, and warranties for the independent contractor agreement templates.
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