Can this agreement be signed electronically?

Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and retention requirements are met.

Is notarization required for validity?

Generally no for ordinary commercial agreements, but some jurisdictions or specific transaction types (real estate conveyances, certain affidavits) require notarization or witness; check state rules.

How do I correct a signed error?

If a material error exists, execute a signed amendment or mutual rescission and replacement. Do not alter an executed PDF without a corrective signed document.

Who must sign on behalf of a company?

An authorized officer or an agent with express delegated authority should sign. Confirm signing authority in corporate resolution or officer certificate to prevent enforceability disputes.

How long must I keep the signed agreement?

Retain per applicable laws: IRS three years standard and HIPAA six years for health records; consider longer retention for real estate or high-value contracts.

Are templates legally binding without review?

Templates can form binding agreements if terms reflect parties' intent, but legal review is recommended for unusual clauses, high exposure, or regulatorily sensitive provisions.

Electronic Signature
Templates
Miscellaneous
Business Agreement The Lilly

Business Agreement The Lilly

This template is fully customizable. Edit the text, fill out the fields, and send it for signature. Give it a try!

BUSINESS AGREEMENT — THE LILLY

WHEREAS

Client Name: Client Address:

Service Provider Name: Service Provider Address:

Effective Date:

RECITALS

A. Client desires to retain Service Provider to provide business services in accordance with the terms set forth in this Agreement.

B. Service Provider represents that it has the skill, qualifications and capacity to perform the services described below and agrees to perform such services for Client under the terms and conditions contained in this Agreement.

SCOPE OF WORK

Service Provider shall perform the services described in this section and any attachments. All services shall be performed professionally, in accordance with industry standards, and consistent with applicable laws and regulations.

Detailed Scope of Work

PAYMENT TERMS

Client shall pay Service Provider according to the following terms. All fees are exclusive of applicable taxes unless otherwise stated. Invoices delivered by Service Provider shall be payable in accordance with the payment schedule below.

Total Compensation Payment Schedule Invoices Payable Within Late Fee Reimbursable Expenses

Service Provider will be reimbursed for pre-approved, reasonable out-of-pocket expenses incurred in performance of services.

TERM AND TERMINATION

This Agreement shall commence on and shall continue until unless earlier terminated in accordance with this Agreement.

Notice Period for Termination Without Cause

Either party may terminate this Agreement for material breach if the breaching party fails to cure such breach within days after written notice. Termination shall not relieve Client of its obligation to pay for services performed and expenses incurred prior to termination.

CONFIDENTIALITY

Each party (the "Receiving Party") shall hold in confidence all confidential and proprietary information disclosed by the other party (the "Disclosing Party") that is designated confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure. Confidential information excludes information that (i) is or becomes publicly available through no fault of the Receiving Party; (ii) was rightfully known by the Receiving Party prior to disclosure; (iii) is independently developed by the Receiving Party without use of the Disclosing Party’s confidential information; or (iv) is rightfully obtained from a third party without restriction.

The Receiving Party may disclose confidential information to the extent required by law, regulation or valid court order, provided that the Receiving Party (to the extent legally permitted) gives prompt written notice to the Disclosing Party and cooperates in any available effort to obtain confidential treatment or a protective order.

Obligations of confidentiality shall survive termination or expiration of this Agreement for a period of three (3) years, except with respect to trade secrets which shall remain protected for as long as they qualify as trade secrets under applicable law.

INTELLECTUAL PROPERTY

Unless otherwise agreed in writing, Service Provider retains all right, title and interest in and to any pre-existing intellectual property and methodologies. Client shall receive a perpetual, non-exclusive, non-transferable license to any deliverables specifically created for Client under this Agreement upon full payment of all amounts due, to the extent such deliverables are not based on Service Provider’s pre-existing intellectual property.

INDEMNIFICATION AND LIMITATION OF LIABILITY

Each party agrees to indemnify, defend and hold harmless the other party from and against third-party claims arising out of the indemnifying party’s gross negligence or willful misconduct in performance of this Agreement. EXCEPT FOR LIABILITY ARISING FROM A PARTY'S GROSS NEGLIGENCE, WILLFUL MISCONDUCT, OR BREACH OF CONFIDENTIALITY, NEITHER PARTY SHALL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to conflicts of law principles. Venue for any dispute arising out of this Agreement shall be the courts located in the county specified by the governing law state.

ENTIRE AGREEMENT

This Agreement, including any attachments and exhibits expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, proposals, negotiations and communications, whether written or oral. Any amendment or modification must be in writing and signed by authorized representatives of both parties.

REPRESENTATIONS AND AUTHORITY

Each party represents that it has the corporate power and authority to enter into this Agreement and to perform its obligations hereunder. The individuals executing this Agreement on behalf of each party represent and warrant that they are authorized to bind their respective party.

Client — Printed Name:

By:

Date:

Title/Capacity:

Service Provider — Printed Name:

By:

Date:

Title/Capacity:

What the Business Agreement The Lilly Is and When It Applies

Business Agreement The Lilly is a standard commercial contract template that sets out rights, duties, and payment terms between two commercial parties. It defines parties, scope of work or services, deliverables, pricing or consideration, term and termination, confidentiality and intellectual property allocation, and dispute resolution. When completed and signed by authorized representatives, the document creates binding obligations governed by the chosen governing law. For electronic signing, the agreement can be executed under the ESIGN Act (15 U.S.C. ch. 96) and applicable state UETA statute where adopted.

Why Use Business Agreement The Lilly

This agreement clarifies expectations, reduces disputes, and documents commercial consideration and performance milestones. It creates an enforceable record that supports contract management, audit trails, and regulatory compliance for business activities governed by state and federal law.

Who Typically Completes the Business Agreement The Lilly

The Business Agreement The Lilly is used by operational leaders, procurement teams, and legal advisors to formalize vendor or partner relationships.

Small business owners and founders who need clear payment and service terms for vendors or contractors.
Procurement and operations teams managing supplier onboarding, deliverables, and milestone payments.
In-house counsel or external attorneys who review, revise, and confirm signature authority and compliance.

Parties should ensure the person signing has the corporate authority to bind the organization and that required supporting approvals are attached.

Who Signs and Why Their Role Matters

CEO / Owner

As the organization's primary executive, the CEO or owner signs when the contract value or strategic importance requires top-level approval. Their signature binds corporate obligations and often triggers executive-level performance monitoring and payment authorizations.

General Counsel

General counsel or delegated legal officers review legal risk, approve nonstandard clauses, and sign or certify authority where internal signatory delegation permits. Their participation reduces ambiguity on indemnities, IP assignment, and dispute processes.

Technical and Compliance Features to Include

Encryption: TLS 1.2/1.3 in transit; AES-256 at rest

Audit Trail: Timestamps, IP, action log

HIPAA Capability: BAA available where required

Certificates: X.509 support for digital sigs

Access Controls: Role-based permissions

Standards: SOC 2 Type II; ISO 27001

Potential Consequences of Errors or Omissions

Contract Voidability: Incomplete authority may void agreement

Payment Disputes: Unclear terms cause late-payment claims

Regulatory Penalties: Noncompliance with HIPAA or tax rules

Tax Withholding: Missing TIN can trigger backup withholding

Notary Defects: Absent notarization may limit record use

Reputational Harm: Contract breaches damage relationships

Common Preparation Mistakes to Avoid

Using informal names instead of the full legal entity name creates mismatch with tax and banking records and may delay payments.
Leaving the effective date blank or using inconsistent date formats creates ambiguity about when obligations start and can affect statute of limitations.
Failing to specify deliverables, acceptance criteria, or milestones leads to disputes over completion and invoicing.
Not confirming signer authority or omitting required attachments (insurance certificates, SOWs) can render performance unenforceable.

Step-by-Step: Filling Out Business Agreement The Lilly

Follow this sequence to prepare a complete, enforceable agreement and reduce downstream revision cycles.

01

Identify Parties: Enter full legal names and entity types
02

Define Scope: Describe services, deliverables, and acceptance criteria
03

Set Payment Terms: State amounts, invoicing schedule, and penalties
04

Sign and Archive: Obtain authorized signatures and retain originals

How Electronic Completion and Routing Typically Works

A standard e-sign workflow captures signatures, timestamps, and a tamper-evident record while routing copies to stakeholders and legal folders.

Upload Document: Import Word or PDF into the signing platform
Place Fields: Add signature, date, and initial fields
Assign Signers: Set signing order and authentication level
Send and Complete: Track completion and distribute final PDF

Recommended Digital Workflow Settings for Online Completion

Configure these settings to balance signer convenience with appropriate authentication and auditability.

Field	Configuration
Signer Authentication	Email link + SMS code for enhanced attribution
Conditional Fields	Show payment or W-9 fields based on role
Automatic Reminders	Set 3 reminders at customizable intervals
Document Retention	Retain signed PDF and audit trail for required period

Delivery and Integration Considerations

Align integrations and file formats with recordkeeping processes so executed agreements flow automatically into contract repositories and accounting systems.

Integrations: Salesforce, NetSuite, Microsoft 365, Google Workspace
File Formats: Accept PDF, DOCX, and HTML inputs
Authentication: Support for SMS, KBA, and SSO

Essential Clauses and Sections to Include

A professionally drafted Business Agreement The Lilly includes specific clauses that allocate risk, define performance, and make remedies predictable. Include the items below to reduce ambiguity and support enforcement.

Parties

Identify full legal names, entity types, and registered addresses for each contracting party to ensure enforceability and correct tax reporting.

Scope of Work

Describe deliverables, milestones, acceptance criteria, and any change-order process to prevent disputes about what is required.

Payment Terms

Specify amounts, invoicing cadence, payment window, late fees, and any escrow or retainage mechanisms.

Term & Termination

State the contract duration, renewal rules, termination for convenience and material breach, and post-termination obligations.

Confidentiality

Define confidential information, permitted disclosures, duration of secrecy obligations, and exceptions for required disclosures.

Dispute Resolution

Choose governing law, venue, and whether arbitration or court proceedings will resolve disputes; include injunctive relief if IP is involved.

Key Dates and Timing to Record

Document these time elements to avoid performance gaps, billing disputes, and missed compliance deadlines.

Effective Date:

Enter as MM/DD/YYYY; controls when duties begin

Signature Date:

Date each signature line when executed

Milestone Deadlines:

List deliverable dates and acceptance windows clearly

Invoice Due Dates:

Specify net terms (Net 30, Net 45) and late fees

Document Retention Start:

Record when retention clock begins post-signature

eSignature Vendor Pricing and Capability Snapshot

Compare common plan criteria for electronic signature vendors; signNow is listed first per platform standards and available plan pricing.

	signNow	DocuSign	Adobe Sign	PandaDoc	HelloSign
Starting Price	$8/user/mo	$15/user/mo	$14/user/mo	$19/user/mo	$15/user/mo
Free Trial	7-day free trial	Varies by vendor	Varies by vendor	Varies by vendor	Varies by vendor
Bulk Send	Yes	Yes	Yes	Yes	No
Audit Trail	Yes	Yes	Yes	Yes	Yes
HIPAA Compliant	Yes	Yes	Yes	No	No

Frequently Asked Questions About Business Agreement The Lilly

Answers to common execution and compliance questions help avoid errors when preparing, signing, and storing the agreement.

Need help? Contact support

Can this agreement be signed electronically?
Yes. Electronic signatures are enforceable under the ESIGN Act (15 U.S.C. ch. 96) and UETA where adopted, provided intent, consent, attribution, and retention requirements are met.
Is notarization required for validity?
Generally no for ordinary commercial agreements, but some jurisdictions or specific transaction types (real estate conveyances, certain affidavits) require notarization or witness; check state rules.
How do I correct a signed error?
If a material error exists, execute a signed amendment or mutual rescission and replacement. Do not alter an executed PDF without a corrective signed document.
Who must sign on behalf of a company?
An authorized officer or an agent with express delegated authority should sign. Confirm signing authority in corporate resolution or officer certificate to prevent enforceability disputes.
How long must I keep the signed agreement?
Retain per applicable laws: IRS three years standard and HIPAA six years for health records; consider longer retention for real estate or high-value contracts.
Are templates legally binding without review?
Templates can form binding agreements if terms reflect parties' intent, but legal review is recommended for unusual clauses, high exposure, or regulatorily sensitive provisions.

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