Even if you've worked with a professional before, you still need a collaboration agreement to work together on a new one. Things can change, and factors surrounding new business deals may differ, hence the need for a collaboration contract whenever you have to partner with two or more persons for a project. How do you ensure there's a contract if you have no collaboration agreement sample or template to use?
It is simple; your first option might be running to Google to see if you can see a guide on how to craft one. But right here, we have ready samples that you can download and customize to your taste. Besides, if you still want to craft a unique collaboration agreement sample, that’s fine.
Go through the essentials of a collaboration agreement in the last section of this article to find information that will help you.
A collaboration agreement (also known as a cooperation agreement or joint agreement) is an agreement between at least two parties who are planning to work together on a commercial project. The agreement is useful for establishing the ground rules for the business partnership. It defines the work to be done, and when it begins, the expectations plus cost and income.
Besides, a collaboration agreement sample should also cover terms like ownership, confidentiality, revenue, and conditions for termination. Usually, before writing a collaboration agreement, the parties involved would meet to brainstorm on the project at hand. All parties involved sit to negotiate the terms and conditions of the agreement before putting it in writing.
You should use a collaboration agreement sample in the following scenario:
Read on to discover the essentials of a collaboration agreement sample.
The first step in creating a collaboration agreement document would be the title of the contract. This title should be explanatory for anyone to understand what the agreement is all about.
Next is the identification of the parties involved in the agreement. Include the company details, names, email address, contact address, and phone numbers of the collaborators.
Budgeting is an important part of collaboration agreement writing. The budget shows details about income and expenses with regard to the collaboration. A good collaboration agreement sample would give room for a profit-sharing formula among collaborators and how losses will be maintained. Besides, the agreement should include mutual consent for funds, sources of income, and expenses among the collaborators.
Every collaboration has a start and completion date. Include the start date of the agreement and the duration it is expected to last. Add dates for milestones if applicable to track work progress and manage the collaboration.
Define who owns the intellectual properties created during the course of the collaboration. Also, include a clause of confidentiality to keep trade secrets and certain business information from third parties.
Your collaboration agreement sample should give room to explain the conditions for termination and premature withdrawal from the contract. Also, it is best you include the action to take if a party decides to withdraw from the agreement before the scheduled termination date.
Depending on the type of collaboration agreement sample you can create, the document may include terms and conditions that are specific to the agreement between parties. These may include the limit of the contract, funding sources, the definition of roles, among others.