Free Financial Contract Agreement Template
Financial Contract Agreement
This Financial Contract Agreement ("Agreement") is made and entered into on [Month Day, Year], by and between [Your Company Name], a corporation with its principal place of business at [Your Company Address] ("First Party"), and [Second Party Name], a corporation with its principal place of business at [Second Party Address] ("Second Party").
1. Purpose
The purpose of this Agreement is to outline the financial arrangements between the First Party and the Second Party. This Agreement is intended to foster a mutually beneficial financial relationship between First Party and Second Party, with terms that are equitable and manageable for both parties.
2. Term
The term of this Agreement shall commence on [Month Day, Year] and shall continue until [Month Day, Year] unless terminated earlier as provided herein.
3. Financial Terms
3.1. The First Party agrees to pay the Second Party a total amount of five hundred thousand ($500,000) dollars, which shall be payable in quarterly installments of one hundred twenty five thousand ($125,000) dollars each, upon successful completion of predetermined project milestones.
3.2. Invoices shall be submitted by the Second Party within fifteen (15) days following the end of each quarter. Late payments shall incur a penalty of one (1) percent per month on the outstanding balance.
4. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary information shared during the term of this Agreement.
5. Liability
The Second Party shall indemnify and hold harmless the First Party against any claims or damages arising from the Second Party's negligence or breach of contract. Liability under this Agreement shall be limited to the total payment amount.
6. Termination
Either party may terminate this Agreement by providing the other party with a written notice of termination at least thirty (30) days prior to the intended termination date. Upon termination:
a. All obligations and liabilities of both parties, accrued prior to the effective date of termination, shall survive the termination of this Agreement.
b. Any outstanding payments or amounts owed by either party to the other party as of the effective date of termination shall become due and payable immediately.
c. Both parties shall promptly return or destroy any confidential information, materials, or property belonging to the other party.
d. Termination of this Agreement shall not relieve either party from any obligations or liabilities incurred prior to the termination date, nor shall it affect any rights, remedies, or obligations of either party which have accrued prior to termination.
7. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction/State]. Any disputes arising out of or in connection with this Agreement shall be subject to the exclusive jurisdiction of the courts located in [Jurisdiction/State]. Both parties hereby consent to the jurisdiction of such courts and waive any objection to venue therein.
8. Entire Agreement
This document constitutes the entire agreement between the parties and supersedes all prior or contemporaneous agreements, whether written or oral.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
[Your Company Name]
[Your Name]
[Job Title]
[Month Day, Year]
[Second Party]
[Name]
[Job Title]
[Month Day, Year]
