Collaboration Agreements
What is a collaboration agreement?
A collaboration agreement is a written legal agreement between two or more parties who want to work together on a collaborative or cooperative basis. It’s normally used when the parties want to remain independent. This means they don’t want to form a separate legal entity, like a joint venture company or partnership. Collaboration agreements may also be called unincorporated joint ventures or contractual joint ventures.
A collaboration agreement sets out the terms and conditions under which the parties will work together, ensuring that all parties have a clear understanding of their roles, responsibilities, and rights.
Need help drafting a collaboration agreement? Reach out to Inkling’s experienced team today.
Frequently Asked Questions
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A collaboration agreement should be designed based on each party’s particular needs.
Typically collaboration agreements will include:
Roles and Responsibilities: outlines the specific roles and responsibilities of each party in the collaboration.
Resources and Contributions: details the resources (eg: money, equipment, personnel) each party will provide and any financial commitments.
Intellectual Property Rights: determines who owns any resulting IP, how existing IP will be used, and how royalties or benefits from the IP will be distributed.
Profit, Revenue and Cost Sharing: if the collaboration involves generating revenue, this section will detail how profits and costs are shared.
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A collaboration agreement is a legally binding document. They are enforceable by law like any other contract.
It is worthwhile seeking legal advice when preparing a collaboration agreement to ensure it is legally binding and compliant.
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We specialise in assisting small and medium businesses in all their commercial legal needs, including collaboration agreements.
We can assist in preparing a robust collaboration agreement that satisfies your needs.
Get in touch today.