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What Is A Purchase Agreement

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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.

Write or type up the date on the agreement to establish an effective date. List the parties involved in the agreement, using full business or individual names and titles. For example, you may title your business as the "Service Provider" and the customer as "Customer."

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