The word agreement is defined as an arrangement between two parties that takes place after much negotiation and which binds the two parties legally as a result of some course of action. In an agreement, one person makes an offer of something to another person and the other accepts the offer, this acceptance of the offer is known as an agreement.
Two of the major characteristics of an agreement are:
Two main elements of an agreement are:
Some of the types of agreement include the following:
It is an agreement in which one party normally a supplier agrees to provide certain services to the purchaser better known as the client in return for remuneration.
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A construction agreement is an agreement that sets out the date and also specifies the time duration needed for the construction process. It normally takes place between the owner of the project and the person who has agreed to complete it in a given time with the available resources.
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Rental agreement is defined as the contract of rent between the owner of the property and the person who is willing to acquire the property for a temporary period of time. A rental agreement defines the parties involved, the terms of rent and the amount to be paid as rent.
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It is termed as a legal document that describes the way a business is run and also tells the relationship between each partner in detail.
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It is defined as a legal contract involving at least two parties who wish to share confidential information or material with one another for a specific purpose and access to which is restricted. Non- disclosure agreement is also known as a confidentiality agreement (CA), confidential disclosure agreement (CDA), proprietary information agreement (PIA), or secrecy agreement (SA).
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It is an agreement through which one party known as the seller agrees to give something to the other party known as the purchaser in exchange for a certain amount of money which the purchaser has agreed to pay.
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The payment agreement dictates a plan of installment to repay the outstanding balance over a defined period of time. Normally these types of agreements take place when the amount to be paid by the debtor is huge so the creditor facilitates the debtor by allowing him to pay the amount in installments taking into account the debtor’s financial condition.
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The following points must be considered when writin an agreement: