Contracts are legal documents that bind the parties to the terms stipulated. It might be a contract between two or more parties in which they all agree to the…continue reading
But there is a kind of agreement which is called yearly contract. It is given when the agreement would be about for a year, or will happen from year to year. It is true in the world of freelancing, where freelancers use this contract and renew it every year to work. There are also employees that have to renew their contract every year. Agencies implement this kind of contract. Services that can reach up to about a year also give this type of contract. Contract for house rental also has this. The landlord can have a regular tenant through the years by just renewing their agreement with a yearly contract. There are various situations where a yearly contract was given. Both parties use this to ensure their dealings for that year and the years that were about to follow.
6+ Sample Yearly Contract
What is a Yearly Contract?
A yearly contract is a formal document that states the agreement of two parties for a particular year. It can state rules about their engagement for a product or a service. This agreement can be renewed every year, whatever both of them will agree upon. It is done when the service will about to take a long time so you will have to secure a contract for every year. It is signed yearly, for as long as the two parties agree with each other. The service has a yearly contract because sometimes we do not know if we would like to agree for more than one year or more, so it is cut from every year. Both parties will try first if everything would work within the first year, and if everything does, then the contract will be renewed from year to year. A contract at a time can put both parties to control their engagement better.
Types of Yearly Contract
Yearly contract is used in many kinds of dealings. It has certain types:
Yearly Service Contract
This contract is implemented for services that we intend to have for about a year or a couple of years. There is a vast array of services that provides this yearly contract. We can have a particular service within the year and can renew the contract in the following years to continue to still have that service. That is if we are satisfied with the service that has been given to us. Small and big businesses use this kind of contract in giving their services.
Yearly Commitment Contract
Commitment that you are about to take within the year has this type of contract. This can happen in organizations, public or private. The things that you intend to commit are written on it. It is sometimes in the form of workshops that you are fond to attend. Your payment and all the rules within the commitment are included in the contract.
Yearly Maintenance Contract
Whenever we want maintenance for something, this contract is used. The company who will give the maintenance – cleaning, repair, or whatever, will detail the service that they will give, the equipment that they will use, and the cost of the maintenance. Yearly contracts are especially needed in this kind of agreement because maintenance should, of course, take place every year. It is good to hire companies on maintenance who have yearly contract for everything to be more convenient. You just have to renew the contract every year and you will get the maintenance that you need.
Games Yearly Contract
Famous players in games like basketball or soccer sign this type of contract. Although they are a regular employee with their team, they have to sign a yearly contract with their team for a particular year. In this case, they can change teams if they want to. Biggest sports contract usually is in yearly contracts. It is the normal way of doing contracts in sports. This contract states large amounts and really makes the players rich. But it is renewed yearly as every team presents their players from year to year.
Commercial Yearly Contract
Advertisement has yearly contracts. Internet, television, and other media agree to run a particular commercial for about a year, and then the company would just have to renew the contract for each year. So whenever you see a commercial, it only has a year of contract and it contract still has to be renewed every year for it to be continually heard or seen.
Yearly Hire Contract
This type of contract is a type of employment contract. Usually, freelancers who are bound to work per projects are given this kind of contract. The contract will be given for as long as the employer wants the work of the employee. This happens when they want to hire an employee but do not want to give them a permanent employment. The yearly contract will be more convenient for them. They could also save some money that should instead be given to a regular employee.
Yearly Membership Contract
This type of contract is a document whenever we would have a membership on something. The membership can only last a year or can prolong to the following years, if we would be happy with our membership. If we would not be contented with our membership, then we are free to not continue it.
Yearly Rental Contract
This contract is given by landlords to their tenant to keep the agreement in the rentals with their property. In this way, the landlord can make rentals to their property and could have the chance to end the agreement whenever they want, in case they would not be happy with the tenant’s occupancy. This would greatly benefit the landlord because they would be in control of the rental. Whatever time they would want, they could make the tenant go away.
Tips in Making a Yearly Contract
You have to polish your yearly contract to state everything clearly. Follow these tips:
How to Write a Yearly Contract
There are certain ways to create a yearly contract. You can have these following steps in writing a yearly contract.
Step 1: Find the best yearly contract template.
After knowing the type of contract that you will have to make, you can choose a right template for it. Downloable templates can be found in the internet in PDF and Word document. You can select anything that you like with these various templates. Read each one of it and pick one that gets your affirmation. There are so much templates available nowadays so you must be torn in picking between templates but pick one that is easy to edit and will best describe the yearly contract that you are going to have. After finally selecting one, you can edit it and put whatever you want to put in your contract.
Step 2: Define the content of your contract.
All the details that you need to put in your contract must be stated carefully. Put the duration of the yearly contract. Be definite about it for the both of you to know the actual length of time that the contract is intended. Mention the names of both party. Put logos if necessary. Your yearly contract should tell all the rights and responsibilities of both party. Terms and conditions should also be written. The service or the product must be clearly stated, with all the equipment if it is necessary. Define the services properly so that both of you will know what to expect or give according to the contract. It is better to put all the details that you need so that no dispute can arise. If all was clearly stated, both of you can do everything well as you go along with the contract. All the details must be specific.
Step 3: Put a signature block.
At the end of the contract, put a place where both parties can sign. Mention the names of the two parties again and above it, put a line where you can sign. Make sure that you have input your names properly and that there were no mistakes with the names. It is needed that the names are correct.
Step 4: Edit again and proofread.
Proofread your document. If you can think of amendments to it, you can edit it. It is good to perfect your yearly contract as this is a formal document and sometimes your business can depend upon it. If you can think of things that can make it better, add it. You can edit it as many times as you like but be sure to proofread it in the end. It should be free of grammatical errors and wrong spellings. After you have done so, you can be confident with your yearly contract. You can nicely present it to the other party.
Can I Make My Own Yearly Contract?
Yes, you can make your own yearly contract. All you have to do is to know the type of your yearly contract and search for it in the internet. Different templates will be instantly shown to you. You can choose whatever format you like. Download it and edit it. Know what you want to put in your contract and write it as you edit the template.
What is the Benefit of a Yearly Contract?
With a yearly contract, you can have an agreement with a particular time only, for a year only to be exact. It also has the benefits of the possibility of extension. You can make the contracts every year and you can continue your dealings from year to year. Whenever you like to end the contract, you can do with a yearly contract. It is good if ever you change your mind. You have the benefit of keeping the business for years and you can cut it anytime.
What If I Do Not Want to Renew the Yearly Contract?
It is absolutely fine. It is the main purpose of a yearly contract. For you to have the choice of renewing it or not. Whatever is the decision of both parties, they can do with a yearly contract. If they feel like not renewing it anymore, then they are both free to do it.
If you need to have a contract with another party about a certain thing, you can better consider having a yearly contract. You will have the freedom to control the agreement. You can set the agreement yearly. It was up to both of you to renew it or not. You will not have a prolonged agreement that any of you would not want anymore. Have a yearly contract and you can minimize things up.