Collaboration Agreements
A collaboration agreement is a legally binding agreement between different parties that wish to co-operate together or work collaboratively on a commercial project. Of course, the specifics will depend on the commercial project and purpose in question, but generally speaking most collaboration agreements should look to cover the following issues as a minimum:
Details of all of the parties involved; what the collaboration relates to and what the desired outcomes are; how the benefits of the collaboration will be shared (i.e. intellectual property rights and revenue); the responsibilities and obligations of each party; how long the parties will work together – a set term or something more flexible for example and; what happens in the event there are disputes
A collaboration can be as straightforward as you want it to be, but it should be tailored to the circumstances to ensure the project and each party’s contribution is protected.
What should you be thinking about if you are to be a party to a collaboration agreement?
The good news is that a collaboration agreement is a commercial agreement, meaning the parties involved can negotiate the terms to be included. There are no hard and fast rules. Before taking legal advice on the drafting of the collaboration agreement you will want to have thought about the following issues:
Are there any deliverables from the collaboration? If so, who will they be owned by? How long are the parties going to work together? What is each party’s roles and responsibilities in the collaboration? Is there going to be any necessary financial contribution to the joint project? Is it necessary to ensure ownership of intellectual property rights is documented in any way? What happens in the event things go wrong and the relationship between the parties breaks down?
Do I really need to have a written collaboration agreement?
A written collaboration agreement is typically used for private commercial contracts between collaborating parties to create legal certainty. A formal written document can provide valuable assistance in legal proceedings in case of non-compliance or disputes and clarify the relationship with other parties involved.
The main purpose of a collaboration agreement is to establish a mutual understanding of each party's obligations and will set out what the parties will do if things do not always go to plan – therefore having this in writing is essential as a document trail and is something both parties can rely upon.
How can we help?
We specialise in providing cost-effective legal solutions clearing your path to success, which means our bread and butter lies in crafting, reviewing, and dissecting commercial contracts including franchise agreements. We support the likes of Onfido, Multiverse, and Truelayer - ensuring they can build and bolster their commercial relationships.
In need of support from commercial contract lawyers in the UK? Get in touch with our commercial contract team.
How to get started
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