What Is A Private Agreement?
A private agreement is a contract between two parties which is enforceable by law. This agreement contains terms and conditions agreed by both parties, and this will be valid as long as both parties still approve it and follow the terms, respectively.
Writing the private agreement between two parties should be done carefully as later, this will have power in front of the law. A proper understanding will have clear terms and conditions, as well as the clauses and benefits. Besides, on this page, you can also download the private label agreement and private mortgage agreement.
How To Create A Private Contract
Even though there are many types of private agreement templates on our page, there are still some elements that you need to underline, so you will not miss out on essential things. Follow the guide below!
- Necessary details – The essential features of an agreement include when the contract will be useful, and when it will end. Make sure you only include the parties that are involved in the project. It is better to write the name and contact details of the company and representative to make the agreement valid.
- Recitals – The next step is about the concerts, which is the very basis of the agreement. For example, it is a lease agreement; this should reveal the information about the first party and the second party. Make sure you mention the full legal name of the party and never make misspelling.
- Description – The next is describing the service, product, or real estate that is on the project. Let’s take one example that you are putting your house into a lease. Mention the location and the dimension of the property as accurately as possible. Mention every detail even though it is a different type of property with your property manager.
- Terms and conditions – The next step of your agreement is about the terms and conditions. Make sure you have discussed the details of the project. This includes the rights, responsibilities, and clauses that are related to the project. For example, the party is allowed to use the property once the requirement has been completed. Later, when the contract has expired, the property should be returned to the owner. List the details of how the property should be used, whether it is for a staying or business, and make sure the owner only uses it based on the agreement stated.
- Miscellaneous – List out the various. One of the examples is the tenant is allowed to pay the installment in a certain period. Mention the extra charge that should be paid if the lease damages the property and pay the rent late. States the consequences. Some property owners often ask for a deposit in case some damages should be fixed during the leasing. Later this deposit can be returned if the landlord doesn’t find damage around the property.
- Signatures – A private agreement cannot be enforceable if both parties do not sign it. So, make sure each party do this and ensure each of them read the contract thoroughly.
Sample Private Agreement Template