A contract is an agreement for performance based on consideration on a given timeline between specified parties. Requirements are:
- Identity of the parties
- Definition of consideration (value for each party)
- Terms - detailing duties and responibilities of each party
- Signature and date
See 7 Essential Elemnents of a Contract
- In practice, unknowns and contingencies are the elements in a contract which can cause trouble
- Thus, it's critical to define If-then scenarios that consider who has what responsibilities if things do not go according to plan (they never do)
- Who is responsible for what?
- In unexpected conditions, what happens?
- In cases that are not covered by the contract, what happens? Binding arbitration by a chosen neutral third party.
- For cases of nonperformance, what happens?
- How is non-performance evaluated, if it is not clear that something constitutes non-performance?
- How do you keep lawyers out and meeting-of-the-minds in?
A contract that defines commitments between a community and its members.
- Enterprise Community Contract
- The Contract
- Factor e Farm Social Contract
- Factor e Farm Social Contract v1.0