When a coaching relationship first begins, it is most likely on a session-by-session basis. This pay-as-you-go system is helpful because it allows the coach and student to become more familiar with each other and ensure the relationship is functional.
Once a coaching relationship moves to the next level, the coach may become a more permanent fixture in the student's life, meaning additional hours or a more intensive program. With more time and money on the line, it’s best to cement the arrangement with a coaching contract. One way to make this transition smoother is by usinglegal templates for coaches.
It is important that the contract unambiguously states the nature of the relationship and the expectations of both parties.
While this section of a contract is typically geared towards the person performing the work and being paid for it, a coaching contract may also include the student's responsibilities.
The contract should clearly outline the responsibilities of the coach and what work will be performed. It should also put a framework in place for what the student needs to do to hold up their end of the bargain–this could include hours of homework or training outside of when the coach and student are together.
As the trainee develops their skills, the coach may need to use new tactics and methods. These milestones can be specified within the contract to reflect how the relationship will change as these milestones are met.
Additionally, the contract may contain goals and other ways of measuring performance to ensure that the student's development is following the expected timeline. One milestone can also be the end of the contract period, providing the client the option toextend the coach’s contract.
Ensuring clear terms for compensation is extremely important. The goal is to monetarily protect both parties, so the contract needs to list the fees associated with the coaching relationship and outline consequences if the contract is broken by either party.
Fees levied against a student for not showing up to coaching sessions is a common detail of many coaching contracts. The contract also needs to include language that protects the student or offers them refunds in the event that the coach does not uphold their end of the bargain.
If a coach is absent, a common solution is to credit the student for the missed lesson and add it to the end of the current training calendar. Alternatively, the contract may simply state that the student is to be refunded for the missed lesson.
An effective contract will list several circumstances in which the client or the coach may terminate the contract. Issues such as excessive tardiness, failure to meet goals, and both parties agreeing to part ways are all options to list under your termination clause.A legally certified financial coach should be familiar with this clause.
Having these protections in place will also prevent one party from being taken advantage of financially, should the other party not fulfill their obligations.
Coaching and being coached is an exciting undertaking, but it can only be fully engaged if both parties know they’re protected. A solid contract from The Contract Shop® will ensure both people get the most out of a coaching relationship!
Kevin Gallagher is the CEO of The Contract Shop®, a contract template store for creative entrepreneurs, freelancers, coaches, and more. His background is in helping online businesses grow, having previously worked at Allbirds managing part of their operations. He is proud to report that his digital artist wife Mandy is a happy customer of The Contract Shop®, and his main motivation is to help as many people like her as possible with the tools that they need to confidently manage their businesses.
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