# Basis of the Bargain Test Contract Agreement
**This Basis of the Bargain Test Contract Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**1. [Party One Name]**
Address: [Party One Address]
Contact: [Party One Phone Number / Email]
(Hereinafter referred to as "Party One")
**2. [Party Two Name]**
Address: [Party Two Address]
Contact: [Party Two Phone Number / Email]
(Hereinafter referred to as "Party Two")
**RECITALS**
WHEREAS, Party One and Party Two desire to establish an agreement based on the terms and conditions set forth below regarding [describe the purpose of the agreement];
NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained, the parties hereby agree as follows:
## 1. **Definitions**
The following terms shall have the following meanings in this Agreement:
- **"Agreement"** refers to this Basis of the Bargain Test Contract Agreement.
- **"Services"** refers to the scope of services defined in Section 2.
## 2. **Scope of Services**
Party One agrees to provide the following services to Party Two:
- [Describe the specific services to be provided]
## 3. **Compensation**
Party Two agrees to compensate Party One as follows:
- [Specify payment terms, amounts, due dates, etc.]
## 4. **Performance Standards**
The parties agree to the following performance standards:
- The services provided will meet industry standards and will be completed by [insert deadline].
## 5. **Obligations of the Parties**
### 5.1 Party One Obligations:
- [List obligations of Party One]
### 5.2 Party Two Obligations:
- [List obligations of Party Two]
## 6. **Basis of the Bargain Test**
The parties acknowledge that the basis of this Agreement is founded on the mutual intentions and the fundamental expectations:
- Both parties agree that this Agreement serves as evidence that each party has relied upon the essential characteristics of the services and compensation herein as critical to their decision to enter this Agreement.
## 7. **Termination**
This Agreement may be terminated:
- By either party upon [insert number of days] written notice to the other party.
## 8. **Governing Law**
This Agreement shall be governed by and construed in accordance with the laws of the State of [insert state].
## 9. **Amendment**
This Agreement may only be amended in writing, signed by both parties.
## 10. **Entire Agreement**
This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior negotiations and agreements, whether written or oral.
IN WITNESS WHEREOF, the parties hereto have executed this Basis of the Bargain Test Contract Agreement as of the date first above written.
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**[Party One Name]**
By: ________________________
Name: [Name of Signer]
Title: [Title]
**[Party Two Name]**
By: ________________________
Name: [Name of Signer]
Title: [Title]
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*Note: This template is a written agreement based on the basis of the bargain test standard in contract law. It is recommended to seek legal counsel to ensure that your specific requirements and local laws are met.*