Importance of Contracts
A contract is a legal agreement that binds two or more parties together in a deal or exchange process. This exchange may be in terms of goods of value or services rendered to each other. Whether the company is large or small, it has to make contact with other stakeholders of the economy. No company can survive without the interaction with others. Isolation in the business world is close to impossible. Therefore contracts of various kinds need to be established. These contracts allow the company or individuals to safeguards secure their valuables and interests.
Sometimes these contracts are made with the internal stakeholders like the employees, managers and sometimes they are created between external stakeholders like suppliers, buyers etc. One of the many important and common contracts made in business entities is the maintenance contract.
What is a Maintenance Contract?
This is a legal or formal document that is used to create an agreement by one party to another party that agrees to provide maintenance service for any asset or equipment owned by the first company. This agreement is like a service agreement but in this case, the service is specified as maintenance. The first company will provide a return for the services provided by the second company. All the terms and conditions of the deal will be written down in the maintenance contract template. This way none of the parties involved in the agreement will default on their obligations. This contract also ensures that there are no delays or any other form of maintenance lags in the services provided.
Format: MS Word