8/7/2021 0 Comments
Tips To Set Recordkeeping In Progress Based Contracts
Knowing what a progress-based contract is and why it's important, we now see best practices to create record-keeping practices.
Specify the nature of the business and the factors on which the progress is noted. What is it that binds the two parties and what each of them must do is to keep the agreement.
Mention the dates and times for every event being recorded. This helps avoid confusion and enables both parties to keep track of the timeline of the project as well.
If you are the client party i.e. service-taker or the buyer/customer, outline the payment-related norms for the service provider or the seller party and what happens if the same is not done on time.
Mention what happens if the contract is breached or either of the parties acts differently from what is expected. Make sure to keep this clause well-elaborated.
Sketch out the timeline specifying at what intervals of time would one deliver a product or execute service and upon what conditions. This helps have a clear image of the entire business enabling them to stay compliant while avoiding confusion.
Adding a record-keeping procedure within the contract might appear to be time-consuming and energy, yet it is important and must be done by all of the business parties.
It ensures transparency of operations and/or activities binding the parties legally.
If anyone fails to do the same, he/she may be able to hold the other party liable in court.
In case you are starting a new business or signing up for a new deal, make sure you have a record-keeping procedure added in the contract when appropriate.
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