One of the most ubiquitous documents in any company, business contracts form the basis of most organizations. Anything from hiring an employee, to retaining an in-house attorney, to ensuring that product is shipped or received on time requires a business contract to complete.
A business contract is any legal agreement between a company and some other entity. Typically a business contract consists of a few key points: a promise to deliver some good or perform some service, some time requirement that the performance or delivery must be completed by, and terms or conditions of the agreement.
In general, anyone can draft a business contract. There are even a number of templates or generic contract forms that people can download and fill in. However, it is not advisable that someone draft and enter into a business contract without reviewing it with a business law attorney.
The cost of a business contract can vary depending on the complexity and nature of the contract. Business mergers are accomplished through contracts and those can cost millions of dollars. However, the national average cost to draft a simple business contract is approximately $700.