Free Contractor Payment Agreement Template
Contractor Payment Agreement
This Contractor Payment Agreement (the "Agreement") is entered into on January 15, 2050, by and between:
Samuel Johnson, a corporation with a principal place of business at 123 Eco Street, Green City, GC 00001 (hereinafter referred to as "Client"),
and
[Your Company Name], an independent contractor, with a principal place of business at [Your Company Address] (hereinafter referred to as "Contractor").
Collectively referred to as the "Parties."
1. Scope of Work
The Contractor agrees to perform the following services (the "Services") for the Client:
Design and installation of a solar energy system for the Client’s corporate headquarters, including:
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Assessing energy needs
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Designing the system layout
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Installing solar panels, wiring, and related equipment
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Ensuring the system is fully operational and meets the required standards
2. Payment Terms
Total Payment Amount: The Client agrees to pay the Contractor a total amount of $50,000 for the completion of the Services as outlined above.
Payment Schedule: Payments shall be made in the following installments:
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Initial Deposit: A deposit of $10,000 is due upon the signing of this Agreement (January 15, 2050).
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Progress Payment: Payment of $25,000 upon completion of the solar panel installation (March 1, 2050).
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Final Payment: The remaining balance of $15,000 upon final inspection and approval of the completed solar system (April 15, 2050).
Due Dates: All payments are due within 15 days from the date of invoice.
3. Invoices
The Contractor shall submit invoices to the Client in the following manner:
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Invoices will be issued by the Contractor upon the completion of each milestone (as outlined in Section 2).
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Each invoice will include a detailed description of the work completed and any other relevant charges.
4. Late Payments
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If any payment is not made within the specified time, the Client agrees to pay a late fee of 5% of the overdue amount for each 10-day period the payment is delayed.
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The Contractor reserves the right to suspend work if payments are delayed beyond 30 days from the due date.
5. Independent Contractor Status
The Contractor is an independent contractor and is not an employee, agent, or representative of the Client. The Contractor is responsible for all taxes, insurance, and other statutory obligations arising from the provision of the Services.
6. Termination
Either party may terminate this Agreement by providing written notice to the other party. In the event of termination:
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The Client agrees to pay the Contractor for work done until termination.
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Any advance payments not used by the Contractor will be refunded to the Client.
7. Confidentiality
Both parties agree to maintain the confidentiality of any proprietary or confidential information shared during this Agreement, including project plans, designs, and technical specifications.
8. Governing Law
This Agreement shall be governed by and construed by the laws of the state of Greenland.
9. Entire Agreement
This Agreement represents the entire understanding of the Parties to the subject matter hereof and supersedes any prior discussions, representations, or agreements.
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.
[Your Company Name]
Name: [Your Name]
Title: Chief Operating Officer
Date: January 15, 2050
Samuel Johnson
Name: Samuel Johnson
Title: Independent Contractor
Date: January 15, 2050
