AGREEMENT

This agreement is made this [insert day] day of [insert month] 20[insert year]

BETWEEN
[insert full name of contractor/business] of [insert address]

ABN [insert number]

(the supplier)

AND

[insert full name of contractor/business] of [insert address]

ABN [insert number]

(the agent)

IT IS HEREBY AGREED THAT

Intention
Both parties intend to create legal relations.
Both parties intend to abide by the contract.
Both parties understand and intend that the agreement be enforced by law.

Agreement
[State agreed terms]

Offer
[Clearly state offer]

Terms
[The terms of contract are the points of the agreement between the parties involved.
The terms identify how and under what conditions the agreement is to be fulfilled.]

Conditions
[The conditions of a contract are the major terms which go to the heart of the agreement and
spell out what is absolutely fundamental to it. If conditions aren’t fulfilled, the agreement is
breached.

It’s essential that you decide what the conditions of the contract will be, ensure the other party
agrees with these conditions and check that the contract makes clear what these conditions are.]
Warranties
[Warranties are terms of lesser importance.]

Termination clause
[State under what conditions the contract will be terminated – discharge by performance, mutual
rescission, contract modification, discharge by breach.]

Default clauses
[A default clause says what happens when one party breaches their part of the agreement.
It usually lets the other party (who didn’t breach the contract) request damages, end the contract
or take another specified course of action.

Usually, this clause comes into effect when a deadline such as payment of interest, works
completed or some other stipulation is missed.]

Indemnity clauses
[The contract may provide an indemnity clause which effectively seeks to protect the other party
from outside claims which may arise against you.]

Exclusion clauses
[Exclusions and exemption clauses seek to exclude, limit or cap liability for breach of contract.
Commonwealth and state legislation overrules some excluding terms.]

Director’s guarantee
[A supplier or lender to the business may require that a director personally guarantee any debt
incurred by their business.
If the business is unable to meet its obligation, the director will be personally liable.]

Negotiable terms
[A contract can always be amended by agreement. Something may happen during the life of the
contract which affects the ability of one or more parties to carry out the contract.

To provide for this possibility, the contract should specify the conditions under which
renegotiation is permissible.]

Dispute resolution clauses, mediation and arbitration processes

[Describe how disputes arising during the life of a contract may be settled by the parties.

Some contracts now have terms which require the parties to first use a mediator or an arbitration
process before going to court, as a less expensive way of settling a dispute.]

Bonus and penalty provisions

[A contractor or an employee may receive an extra payment or share of profits from a project if a
contract is completed at a higher than stipulated quality, or before a maximum time set in a
contract.
A penalty may apply in the case of late or incomplete performance.]
Supplier acceptance
The above prices/specifications and conditions of work are hereby accepted by
[name of person/business], authorised representative/owner of [name of business].
This agreement shall become effective from [date date/immediately].

SIGNATURE

DATE

WITNESS NAME

SIGNATURE

DATE

Agent acceptance
The above prices/specifications and conditions of work are hereby accepted by
[name of person/business], authorised representative/owner of [name of business].
This agreement shall become effective from [date date/immediately].

SIGNATURE

DATE

WITNESS NAME

SIGNATURE

DATE

STUDENT NAME: …Mei hsuan lee…………………………………………………

STUDENT ID: …………GM-0394………………………………………

STUDENT SIGN: ……………………………………………………