A business arrangement is a formal agreement between the purchaser and the seller of products or services. Anyone doing any form of commercial transaction, from big corporations to individuals, may use business contracts.
All details about the exchange, including payment, the type of goods or services, and the obligations of each party, should be included in business contracts. In the event that the other side does not keep up their end of the bargain, a business contract would cover both the buyer and the seller.