If you intend to work with another person or business on a project, you need to create a collaboration contract to memorialize your agreement’s pertinent facts and terms. You can download and use our simple collaboration agreement template to set forth your commitment. It can be used for a two-person agreement, or you may add additional parties, depending on your project needs.
Collaboration Agreement
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Template Description
What Is a Collaboration Agreement?
A collaboration agreement is a contract between two or more parties working together on a mutually beneficial endeavor that defines the terms of their agreement.
Why Is a Collaboration Agreement Important?
A collaboration agreement is vital because the agreed-upon terms of working together need to be memorialized in a legal contract. Many times when two or more parties collaborate on a project, they share proprietary or confidential information. To ensure that information remains confidential, the parties should enter into a legally binding contract concerning the confidential treatment of all assets and the rights granted to each party before such information is shared.
When parties begin working together on a project, they don’t usually plan for how to handle conflicts that arise. It is vital that all parties understand and agree upon who will be responsible for what parts of the project and how they will share in the project’s benefits and costs. It is important to include what decisions each person can make and which ones are joint decisions, as well as what actions require prior written approval. Additionally, you should include how to treat intellectual property during the project and after the project is complete.
Some of the benefits of a collaboration agreement include:
Each person’s responsibility for the project;
Each person’s ownership or additional interest in the project;
What assets each person will contribute to the project;
How long the parties agree to collaborate; and
Incorporating any prior agreements the parties wish to include.
The more specific you make the collaboration agreement, the less likely you’ll have conflicts down the road. As with all legal documents, you should draft your agreement according to the terms you negotiated and agreed upon with all parties.
What Should Be Included in the Collaboration Agreement Contract?
Depending on your project, you may want to include any number of terms in your business collaboration agreement. Using our collaboration agreement template is a great place to start, and you can customize it to fit your unique needs. However, the following items should be included in every collaboration agreement:
- The purpose of the project and of the agreement;
- The duration of the project;
- The scope of the project;
- The identity of each party to the agreement;
- What each party will contribute to the project;
- The responsibilities and obligations of each party for the project;
- How to use any confidential or proprietary information;
- The financial resources to use in the project and who will contribute them;
- Whether the project will require a loan or line of credit and how to use such credit;
- How profits and ownership will be shared;
- A force majeure clause to cover any circumstances beyond the parties’ control;
- How the agreement will terminate, including terms for early termination or agreement extension; and
- Signatures of each party to the agreement.
How To Write a Collaboration Agreement
To write a collaboration agreement, you need to determine your project or business venture and reach an agreement with your co-workers. For example, if you want to collaborate with other gamers to create a new video game, you need to discuss and agree on what each party will bring to the project. When writing the collaboration agreement, you should include:
Start with the big picture explanation of the project and the steps that will be included in the project;
Use an introductory paragraph to state how the collaboration between the parties is mutually beneficial and how the collaboration impacts the project;
Include a section to list the objectives of the project and a description of the work to be completed for the project;
Draft a section that details exactly what each party is responsible for in the project;
Set forth the rules and guidelines the parties will follow;
Itemize the budget for the project and include the resources each party will contribute to the project; and
Include a section for the signatures of each party and the effective date of the agreement.
It is always advisable to seek the advice and guidance of an experienced business lawyer on Lawrina Match if you have any questions about the collaboration agreement process.
Coordinate With the Counterpart
When you have an idea for collaboration on a project, you need to coordinate the details of the endeavor with your business counterparts. It is important that all parties working on the project agree on the purpose and scope of the project as well as what each party will bring to the table.
Negotiate Essential Terms of the Contract
How the shared project responsibilities and benefits need to be negotiated. You should negotiate the terms that are important to you and reach an agreement on how to use your resources and compensation for each party. It’s essential that you negotiate the terms of the contract before beginning work on the project.
Fill In All the Necessary Information
Once you’ve downloaded our free collaboration agreement template, fill in all the necessary information. Be sure to include the names of the parties, the title of your agreement, the terms of the project, and all sections of the template.
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Frequently Asked Questions
What are the benefits of collaboration?
Collaboration allows parties to combine their individual strengths and know how to accomplish a project that either one party alone cannot accomplish or that will take much longer to accomplish the project if done alone. Collaboration provides more creative input and a higher level of accomplishment as it allows for a better division of labor and allows you to obtain additional personnel for your project. For example, an independent consultant with technical experience may collaborate with other business owners who are not as tech-savvy on a unique project.
Is a collaboration agreement only used for businesses?
No, individuals or businesses can use a collaboration agreement. It is used by any parties that want to work together on a mutually beneficial project, whether business or personal projects.
Do I need a lawyer to create a collaboration agreement?
Not necessarily. You can use our printable collaboration agreement template to customize an agreement that works for your unique purposes. However, if you still have questions or would like guidance, it is smart to seek the advice of an experienced business law attorney at Lawrina.com.
What is a force majeure clause?
The term force majeure literally means a major or overwhelming force. It is a commonly used clause in contracts that frees the parties to the contract of their obligations under certain circumstances beyond their control. It is not used to simply relieve a party of their responsibility because of an ordinary burden. The force majeure clause defines the type of events that would relieve the parties of their obligations under the contract. Such events are typically those such as war, riots, and natural disasters.