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What is an Independent Contractor Agreement? An Independent Contractor Agreement is a contract in which a company hires someone without employing them.Independent Contractor. (See Exhibit B for additional payment terms, if any). A written contract between two parties, an independent contractor agreement is used for a specific service or project. This Independent Contractor Agreement Template is designed to help you draft a custom agreement that reflects your needs and situation. NYU will provide Contractor with an exemption certificate upon written request. Term and Termination.