Tips and tricks for a cooperation agreement
Under the guise of “together you are strong,” parties regularly enter into cooperation agreements. In this article, contract law attorney Gentia Niesert explains what a cooperation agreement is and provides some tips and tricks for drafting one.
Definition of cooperation agreement
A cooperation agreement is an agreement, in which parties make arrangements regarding their cooperation. It is important that the agreement matches the specific wishes of the parties. Gentia Niesert can draw up a customized cooperation agreement for you.
Topics in a cooperation agreement
What topics should be included in a cooperation agreement depends on the type of cooperation between parties. Below are a number of topics that appear in almost all cooperation agreements:
1. Purpose of cooperation
First, it is good to state what the purpose of the collaboration is so that it is clear to both parties.
2. Duration and termination of cooperation
Furthermore, it is important to include something regarding the duration of the cooperation agreement. For example, an agreement can be for an indefinite period of time or for a definite period of time.
It is also wise to agree on the possibility of terminating the agreement.
3. Financial compensation and payment period
The cooperation agreement can also include agreements on prices and payment terms and how to proceed if a party fails to meet his/her payment agreements.
4. Liability
It is also advisable to include in the cooperation agreement the liability of the parties.
5. Exclusivity
A cooperation agreement may further state whether or not the cooperation is of an exclusive nature, that is, whether the parties are also free to cooperate with other parties.
6. Intellectual Property
It may also be wise to arrange something regarding intellectual property rights.
7. Dispute resolution
Finally, it is advisable to include in the cooperation agreement how to proceed if parties have a dispute under the agreement. It can be included, for example, that in such a case the parties will submit their dispute to the competent court or engage a mediator.
Need advice on drafting/reviewing your collaboration agreement?
Are you looking to have a partnership agreement drafted or reviewed? Then you have come to the right place. Gentia Niesert, contract law attorney, will be happy to assist you.
