Mutual Release Agreement
Specify Time and Amounts of Payments - Entering your hourly rate and projected time for completion, or the total amount of payment for the project may not be enough. Depending on the project's scope, the contract should include: Any portion of fees to be paid upfront. Any fees to be paid at milestones as a project proceeds. Payment for work completed if a client cancels the contract. Late fees if the client doesn't pay on time. Hourly rate for your time due to delays caused by the client or for client's request to perform additional work.
Naming the Parties - You begin the contract by naming the parties in the agreement. This may seem obvious, but attorney Mark Cohen of Colorado writes in his article Ten Things to Consider Before Signing a Contract that "a common error is to use the name of a person representing an entity rather than the name of the entity."