Select from the following formats depending upon your requirements: Unilateral (i.e. one-way) Basic Unilateral Formal Mutual (i.e. two-way) Basic Mutual Formal “Basic” and “Formal” don’t have a legal meaning. Rather, they signify how comprehensive each is. Although the “Basic” format is shorter than the “Formal” format, they still cover the essential terms you need. The “Formal” format covers everything in the “Basic” format, but also includes additional “legal” terms to address more complex transactions.