Exchanges occur often on a daily basis. The people who are involved in exchanges will want to be aware of all the details before anything can proceed; this includes information on what is being offered, what compensation will be provided, the names of the people involved, etc.
That’s why it’s important to be able to create an agreement document. This article will teach you all that you need to know in regards to how you should be creating an agreement document in Google Docs.
An agreement document will not be able to serve its purpose unless it has all of the right information. That’s why you’ll have to learn about its basic elements. They would be the following:
1. Offer: An offer would be anything that one party is willing to provide to another that’s involved in the agreement. Make sure that this section of the document is able to point out exactly what the offer is so that the parties involved are fully aware as to what it may be. For instance, an equipment purchase agreement will contain a list of all the different types of equipment that one party is willing to provide to the other.
2. Consideration: Think of this as the form of compensation that will be given for what is being offered. Much like an offer, one has to be very specific in regards to the consideration. Also, take note that this does not only come in the form of money, meaning that it’s possible that the consideration can either be a product and/or service.
3. Mutual Assent: This is the part of the agreement which states that those who are involved are fully aware of the terms and conditions, as well as having fully read the entire document.
4. Termination: There should be a section in the agreement which discusses the details regarding termination. There’s always the possibility that one party member may want to back out from the exchange or one might do something that would want the other to end it. That’s why it’s important to define what could cause or what can be done that will ensure that the agreement is terminated.
5. Damages: It is possible that one party might just incur damages to the other even before the agreement has been finalized. In regards to something like this, the document must point out how all types of damages should be handled. Make sure to point out the conditions that make one responsible for the specific type of damages incurred and how that should be compensated.
