Guide to Types of Contracts - BiblioPM

Contracts are a foundational component of the business and legal landscape that shape so much of our day-to-day activities. Depending on the nature of both the existing and developing relationship between entities, different types of legal agreements may be warranted.  

In this guide, we will explore some of the key differences between the different types of contract agreements and spotlight some instances where they may be used. Sometimes, one particular style of contract seems intuitive based on the nature of the proposed arrangement. Other times, the style of contract deployed may depend on user preference. To that end, it is helpful for the business community and legal pros to have a cursory understanding of the nature of these agreements in order to effectively utilize them. 

Before diving into the different types of contracts, it is helpful to review the basic definition and essential elements of a contract.