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Contract for Product Development

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					A Contract for Product Development is an agreement between two parties whereby one
party agrees to develop a certain product for the other party on certain terms and
conditions. The developer of the product(s) transfers all of its right, title and interest to
the product(s) developed to the other party. This Contract for Production Development
contains both standard clauses as well as opportunities for customization to ensure that
the understandings of the parties are properly set forth. Use this form if your company
produces products for customers or if a person or entity wants a company to produce a
product for them.
            CONTRACT FOR PRODUCT DEVELOPMENT
          THIS CONTRACT FOR PRODUCT DEVELOPMENT (the “Agreement”) is
entered into this _____ day of ______________, 2______, by and between
_____________________ (“Developer”) and _________________ (“Company”) collectively
referred to herein as the “Parties.”

        WHEREAS, Developer offers the                  following    services    to   Company:
_________________________ (the “Services”);

         AND WHEREAS, Company desires to obtain the Services of Developer and desires to
acquire certain rights in and to certain products to be created, designed and developed by
Developer;

          AND WHEREAS, Developer agrees to perform the Services for Company and grant
certain rights in and to the products.

       NOW, THEREFORE in consideration of the foregoing and of the mutual promises and
covenants contained herein, and other good and valuable consideration, the receipt of which is
hereby acknowledged, the Parties hereto agree as follows:

                                          I
                                PRODUCT DEVELOPMENT

1.1     Company and Developer hereby agree that Developer shall develop on behalf of
Company ____________________________________ (enter description of product to be
developed) (the “Product”).

1.2      Developer hereby agrees that he/she/it shall develop the Product on behalf of Company
in accordance with all specifications and instructions from Company contained on Schedule “A”
attached hereto.

1.3       Company and Developer hereby agree that all any and all development work in respect
of the development of the Product shall be completed by Developer, his/her/its employees or any
independent contractors which have been approved by Company.

1.4      Developer hereby agrees that he/she/it shall deliver the completed Product to Company
within ________________ [Insert the time frame specified for delivery].

1.5       Except as expressly provided for herein, Developer shall bear all costs in association
with the development of the Product.

                                           II
                                     CONSIDERATION




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2.1       Company shall pay to Developer the sum of ____________ ($______) Dollars upon
delivery by Developer of the completed Product to the Company.

or

2.1       Company shall pay to Developer an hourly rate of _________ ($_____) Dollars per
hour in respect of the completion of the Product.

2.2       Company shall pay to Developer, all amounts due and owing within ________ (___)
days of the delivery of the completed Product by way of certified check, money order, bank
draft, wire transfer or direct deposit, or by such other means as the Parties hereto may agree in
writing.

or

2.2      Developer shall invoice Company on a monthly basis for the work performed during
the previous month. Company shall pay Developer all amounts due and owing within
__________ ( ) days of the delivery of each invoice.

                                          III
                                  TESTING OF PRODUCT

3.1       Developer hereby agrees that the Product to be developed by Developer for and on
behalf of Company shall be thoroughly tested by Developer prior to delivering the completed
Product to Company and any and all corrections and/or modifications requested by Company
shall be made by Developer prior to the delivery of the completed Product.

3.2      Company and Developer hereby agree that upon delivery of the completed Product,
should Company discovery any defects with the Product, Company shall notify Developer within
______ (___) days of discovery of such defect and Developer shall take all necessary and
reasonable steps to correct such defect within _____ (__) days of being notified.

                                          IV
                                INTELLECTUAL PROPERTY

4.1       Company and Developer hereby agree that Company shall retain its ownership and
intellectual property rights to all of Company’s existing materials and content and Developer
shall retain his/her/its ownership and intellectual property rights to all of Developer’s existing
materials and content which is
				
DOCUMENT INFO
Description: A Contract for Product Development is an agreement between two parties whereby one party agrees to develop a certain product for the other party on certain terms and conditions. The developer of the product(s) transfers all of its right, title and interest to the product(s) developed to the other party.  This Contract for Production Development contains both standard clauses as well as opportunities for customization to ensure that the understandings of the parties are properly set forth.  Use this form if your company produces products for customers or if a person or entity wants a company to produce a product for them.
This document is also part of a package Product Development Starter Kit 9 Documents Included