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Are we legally required to give a copy of the contract to the other party in the agreement (employee, contractor)?

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Legally? Not that I'm aware of, unless perhaps you are in court and the contract is evidence in the trial. However, if you want the other party to obey the terms of the agreement, I think you'd be wise to give them a copy. And if someone I was doing business with refused to give me a copy, I'd stop doing business with them.

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I'm not sure you are legally required but it's a common practice... every party involved should keep an original signed copy of the contract.

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