When outside partners are employed to execute part or all of a project, the contract with that partner is critical for defining expectations, due dates, and responsibilities. This template provides guidelines for typical contents for such contracts.
What this is
Guidelines for important terms and areas to cover in a contract with a partner who is involved in your project. This could include outside development companies executing part of your project, a company you are licensing technology to or from, a contract manufacturing firm, etc.
Why it's useful
Such a critical relationship - whose performance will determine the success of your project - needs to be bounded by a well-written, clear, thorough legal agreement. This agreement will ensure that both parties understand and agree to the work and responsibilities they've undertaken. The legal nature of the contract ensures that both sides take the terms seriously and uphold their end of the contract. According to Deloitte Touche Tohmatsu, over 50% of alliance failures are caused by ineffective management of the relationship. A legal contract is at least one important ingredient to making sure the responsibilities are taken seriously.
How to use it
Use the items in this template to make sure you include important elements in your contract with an outside partner. Some firms such as Cisco who use partnerships extensively have created templates for various types of contracts, and show the template to potential partners very early to communicate the types of terms they mandate. If the potential partner is not willing or able to sign up to such terms, such issues get identified and addressed very early!
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