An Exchange of Services Contract is an agreement between two or more parties which outlines the agreed upon services to be exchanged. This type of contract allows for a reciprocal exchange by stating and detailing what each party will receive in return for their contributions – essentially creating a “barter” agreement. These contracts also describe any necessary terms such as duration, scope of service, price, payment schedule, deliverables and timeline for completion. Exchange of Services Contracts are essential for ensuring that both parties are clear on their respective obligations while also protecting them from potential legal liabilities.