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How to Create a Restaurant Agreement in Word
Agreements exist to protect all parties. However, a study conducted by Deloitte showed that 90% of customers do not read the legal terms and conditions in the agreement. If you allow this to happen with your restaurant, you’ll be facing lots of trouble in the future. You have to ensure that you and your partner know what was agreed on.
We shared steps on how you can draft a restaurant agreement that will make you and your clients understand each other.
1. Launch Word
Microsoft Word is one of the most used word processing software because, as you already know, it’s so easy to use. By using it, you can easily draft your non-disclosure agreement, non-compete agreement, confidentiality agreement, and many others.
2. Identify the Name of the Partnership
There are many types of business partnerships. It can be a lease agreement, management agreement, rental agreement, or a purchase agreement. You have to identify what type of partnership you’d be entering into so that you’ll know what should be stipulated in your written agreement.
3. Write Down Duties and Responsibilities
In this section, you have to specify the duties and responsibilities of both parties on the whole duration and even after the business agreement. Include also the authority that each party has while the agreement is in effect.
4. Include Termination Clause
The agreement is not forever. One party may decide that he/she wants to be out and terminate the agreed business. That’s why putting a termination clause in your investment agreement, catering service agreement, or any of some sort is crucial.
5. Mention the Law that Governs the Agreement
Your written agreement will be enforceable by law. Therefore, to ensure that its stipulations and all provisions therein are based on the law the governs agreement, you have to include this in your legal agreement.
What is an agreement?
An agreement is the meeting of the minds of two or more people for a mutually beneficial transaction.
What is a restaurant agreement?
A restaurant agreement is a document that acts as a binding statement between the owner and his/her employee, client, business partner, or investor. It’s a restaurant document that contains stipulations of what was agreed on by all parties.
What are the types of agreement?
There are several types of agreement. The following are the most common types of business agreement:
1. Express agreement or Express contract
2. Partnership agreement
3. Indemnity agreement
4. Non-disclosure agreement
5. Purchase order
6. Property and/or equipment lease
7. Bill of sale
What is the difference between an agreement and a contract?
An agreement is the meeting of the minds or any harmonious understanding of two or more parties. Whereas a contract is a type of agreement that is enforceable in a court of law.
What are the elements of a legally-binding agreement?
In order to have an agreement that is legally binding, it should have the following elements:
4. Mutuality of Obligation
5. Competency and Capacity
6. A Written Negotiable Instrument