When two parties engage in a business agreement or any other type of partnership, it is crucial to have a written agreement that outlines the terms and conditions of the arrangement. This written agreement serves as a legal document that both parties can refer to in the event of any misunderstandings or disputes. In this article, we will provide a sample of a written agreement between two parties that can be used as a guide when drafting your own.
Introduction
This agreement is made and entered into on [Date] by and between [Party A] and [Party B]. The purpose of this agreement is to establish the terms and conditions of the partnership between the parties.
Scope of Work
[Party A] will be responsible for [Insert Scope of Work], while [Party B] will be responsible for [Insert Scope of Work]. The parties agree to work collaboratively and communicate regularly to ensure the successful completion of the project.
Term of Agreement
This agreement shall begin on [Date] and shall continue until the completion of the project, or until terminated by either party. Either party may terminate this agreement with [Insert Notice Period] days` written notice.
Payment Terms
[Party A] shall be paid [Insert Payment Terms], while [Party B] shall be paid [Insert Payment Terms]. Payment shall be made [Insert Payment Method] within [Insert Payment Period] days of completion of each milestone.
Confidentiality
Both parties agree to maintain confidentiality and not disclose any confidential information to any third party. This obligation shall survive the termination of this agreement.
Intellectual Property
Any intellectual property created during the course of this agreement shall belong to [Party A/B]. The other party shall be granted a non-exclusive license to use such intellectual property for the purpose of the project.
Indemnification
Both parties agree to indemnify and hold harmless the other party from any claims, damages, or expenses arising out of the performance of this agreement.
Dispute Resolution
Any disputes arising out of this agreement shall be resolved through mediation. If mediation is unsuccessful, the parties agree to submit to binding arbitration.
Governing Law
This agreement shall be governed by and interpreted in accordance with the laws of [Insert Jurisdiction].
Entire Agreement
This agreement constitutes the entire understanding between the parties and supersedes all prior discussions, agreements, and understandings, whether written or oral.
Execution
This agreement may be executed in counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one document.
Conclusion
Having a written agreement between two parties is essential for any type of business arrangement. It sets clear expectations and helps prevent conflicts down the line. The sample provided in this article can be used as a template when drafting your own agreement, but it is important to have a lawyer review and customize it to fit your specific needs.
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