When it comes to business partnerships, it`s essential to have a clear and concise agreement in place to avoid any misunderstandings or disputes down the line. A discovery agreement is one such document that lays out the terms and conditions of the partnership agreement.
A discovery agreement sample typically covers the following key elements:
1. Purpose of the Agreement: This section outlines the purpose of the agreement and clarifies the roles and responsibilities of each party.
2. Scope of Work: This section defines the scope of work to be performed by each party and outlines the timeline and deliverables.
3. Confidentiality: This section covers the confidentiality of the information shared between the parties and the non-disclosure agreements.
4. Ownership of Intellectual Property: This section defines the ownership of intellectual property developed during the partnership and outlines any royalty agreements.
5. Termination: This section defines the terms for the termination of the agreement and any penalties or dispute resolution methods.
Here is a sample discovery agreement:
Sample Discovery Agreement
This agreement (the “Agreement”) is between Company A, Inc. (“Company A”) and Company B, Inc. (“Company B”) for the purpose of collaborating on a project to develop a new product.
Scope of Work
Company A will provide design and manufacturing services for the new product. Company B will provide research and development services, including market research, product testing, and consumer analysis. The project will begin on the date of signing and will be completed within six months.
Both parties agree to maintain the confidentiality of all information shared during the course of this project. This includes trade secrets, confidential business information, and any other proprietary information. Neither party may disclose this information without prior written consent from the other party.
Ownership of Intellectual Property
All intellectual property produced during the course of this project will be owned jointly by Company A and Company B. Any patents or trademarks developed will be jointly owned and licensed to each party for their respective use. Company A will retain ownership of its pre-existing intellectual property.
Either party may terminate this agreement with written notice to the other party. In the event of termination, neither party will be liable for any damages, except for those incurred prior to the termination date. Any disputes arising from this agreement will be resolved through mediation or arbitration.
In conclusion, a discovery agreement is an essential document for any business partnership. This agreement sample outlines the key elements that should be included in such an agreement to ensure a successful collaboration.