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A collaboration agreement is an agreement between 2 or more parties looking to work together on a commercial project on a collaborative or cooperative basis. It involves participation by at least two parties who agree to share resources, such as finances, knowledge, and people. The essence of collaboration is for all parties to mutually benefit from working together. Collaboration agreement illustrates certain terms and conditions (T&C) of the parties’ working relationship including the allocation of responsibilities and division of revenues derived from the exploitation of the work. The agreement is made among the involved parties.
It is generally done when two or more companies want to be in mutually beneficial business collaboration. Any collaboration agreement will include involvement of person taking part in the partnership, purpose of collaboration, authority, and representation from each party, joint decisions, primary representatives, staffing, funding, profits and proceeds, additional parties, termination, insurance, agreement extension, and finally acceptance. The parties involved in the collaboration must have an agreement with the things they have discussed as a part of their business dealings.
A collaboration agreement helps to avoid uncertainties with the collaborator down the line, by clarifying the nature and scope of the relationship. These agreements help to define the relationship between the collaborators and their respective responsibilities. It is important to have the collaboration agreement in writing, and to make sure that all the key issues are addressed in the agreement. It helps in reducing disputes as all the issues have to be dealt as per the terms of the agreement and in case of disagreement between collaborators it helps in resolving the issues.
General provisions
Benefits of collaboration
The advantages of collaborative working are manifold and can have a big impact on the outcome of your projects. So, if you are looking to begin actively incorporating it into your management planning, here are some of the most important advantages you can be looking forward to:
Some key points to be included in the agreement:
Related documents of Collaboration Agreement:
Collaboration in business benefit from the close trusting relationships between partners. Network strength creates profit among businesses that have created trust between them. Collaborative partnerships between businesses generate large amount of productivity and revenue when it is stable, bidirectional communication between parties. These collaborations develop into longstanding practices and relationships that can extend beyond the length of a single project.
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