Standard Contract Template

About this template

When to use it

A three-page services agreement signed by the client (Party A) and the contractor (Party B). Articles 1 to 15 are already drafted, so the job is replacing figures and proper nouns and striking what you do not need.

Filling order

1. Replace the placeholder company names in the preamble. The same names sit in the footer and the header carries reference No. 2026-0147, so edit those too.
2. Complete the five-row summary table: title, term, amount including VAT, performance bond, damages rate. Articles 3, 4 and 13 refer back to it, so changing the table alone leaves the contract contradicting itself.
3. Check Article 4: 30% advance, 40% interim, 30% balance, each with its own deadline, plus 6% annual interest on late payment.
4. Articles 5 to 7 are the scope clauses; replace items 1 to 3 under paragraph (1) of each with your deliverable areas.
5. Article 8 lists four acceptance criteria – a 12-month defect liability period, incident response starting within 24 hours, a maintenance bond of 3/100, and a 16-week total delivery period. Paragraph (1) reads them as ceilings. Swap in values you can measure.
6. Align the Article 9 schedule table (kick-off, first inspection, second inspection, final acceptance, with cumulative progress of 15, 45, 75 and 100%) with your actual phases.
7. Record side agreements in the two-row special-terms table under Article 15, then complete the signature block for both parties and seal the representative row.

How the figures are calculated

• Liquidated damages = contract amount x 1.5/1000 x days late. On KRW 60,000,000, ten days late costs KRW 900,000.
• The performance bond is at least one tenth of the amount – KRW 6,000,000 here – payable on signing.
• Interim payment falls due within 10 days of interim acceptance, the balance within 30 days of final acceptance and handover; past 30 days from the tax invoice date, 6% annual interest accrues.

Common mistakes

• Changing the duration in one place only. The 16 weeks appears in the summary table, Article 3(2) and Article 8 item 4.
• Party B signing without reading Article 14, which fixes jurisdiction at Party A’s principal office – a negotiable point.
• Just stapling the three pages; the closing note requires a seal across the join once the contract runs to two or more sheets.