Question & Answer: What are team contracts and what items should be included in them?…..

Term contracts are the type of contract which has a fixed time frame within which it is valid.

So it has a specified valid period till which it is active, after the end date the contract is not valid and not enforceable.

The terms contract should include minimum of :

• Name and identity of both parties
• The period of validity
• Since when the contract becomes active
• Till which date the contract remains active
• What is the purpose
• Targets if present for completion
• Penalty clauses
• Other terms
• Jurisdiction for resolution (optional)