The cooperation agreement can be as simple as nods and handshakes. This goes beyond these physical gestures. There should be a written document containing the details of the agreement, in particular the essential details of the settlements and conditions to be respected. The parties share in the same way the financial burdens, commitments or direct costs associated with this cooperation agreement. If external funds or appropriations are required to support the achievement of the above objectives, the parties agree to jointly raise these funds and participate in the responsibility for the repayment of these debts. When a party provides additional capital beyond its share, that capital does not give it additional interest or control over cooperation. Instead, the capital is considered a loan and is repaid on the proceeds of cooperative efforts. All the benefits, products and other products associated with this cooperation agreement are divided as follows: It is understood that the parties strive to do everything in their power so that all parties concerned will be fully aware, during the duration of this cooperation agreement, of all relevant facts relating to the above objectives. PandaTip: Make sure the names and contact details of both parties are listed in the contact tables of the model below. All remaining parties will have the opportunity to reach a new agreement at the end of the current agreement. The guarantees are a factual assertion or a promise that each party makes to assure the other that certain conditions are true. For example, a guarantee that the parties entering into the cooperation agreement do not violate the intellectual property rights of third parties. If this factual allegation turns out to be false, the party in question may be held liable for the damages suffered.
The contracting parties each appoint a senior representative who acts on their behalf in all matters related to this cooperation agreement. Advice if you are not sure of any of the terms of the agreement Regardless of the personal relationships the parties are involved in the agreement, the agreement is bound by the transaction.