VIEWS: 260 PAGES: 8 CATEGORY: Contract Agreements POSTED ON: 7/20/2010
A Contract for Product Development is an agreement between two parties where one party agrees to develop a certain product(s) for and on behalf of 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.
CONTRACT FOR PRODUCT DEVELOPMENT THIS CONTRACT FOR PRODUCT DEVELOPMENT (the “Agreement”), entered into this _____ day of ______________, 2______, by and between _____________________ (the “Developer”) and _________________ (the “Company”) collectively referred to herein as the “Parties”. WHEREAS, the Developer offers the following services and related services (the “Services”); ________________________________; AND WHEREAS, the Company wishes to obtain the Services of the Developer and is desirous of acquiring certain rights in and to certain products to be created, designed and developed by the Developer. AND WHEREAS, the Developer wishes to Services to the 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: 1.00 PRODUCT DEVELOPMENT 1.01 The Company and the Developer hereby agree that the Developer shall develop on behalf of the Company ____________________________________(enter description of product to be developed) (the “Product”). 1.02 The Developer hereby agrees that he/she/it shall develop the Product on behalf of the Company in accordance with all specifications and instructions from the Company contained on Schedule “A” attached hereto. 1.03 The Company and the Developer hereby agree that all any and all development work in respect of the development of the Product shall be completed by the Developer, his/her/its employees or any independent contractors which have been approved by the Company. 1.04 The Developer hereby agrees that he/she/it shall deliver the completed Product to the Company within the time frame specified herein. 1.05 Except as expressly provided for herein, the Developer shall bear all costs in association with the development of the Product. 2.00 CONSIDERATION 2.01 The Company shall pay to the Developer the sum of ____________ ($______) Dollars upon delivery by the Developer of the completed Product to the Company. or 2.01 The Company shall pay to the Developer an hourly rate of _________ ($_____) Dollars per hour in respect of the completion of the Product. 2.02 The Company hereby agrees that it shall pay to the 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. 3.00 TESTING OF PRODUCT 3.01 The Developer hereby agrees that the Product to be developed by the Developer for and on behalf of the Company shall be thoroughly tested by the Developer prior to delivering the completed Product to the Company and any and all corrections shall be made by the Developer prior to the delivery of the completed Product. 3.02 The Company and the Developer hereby agree that upon delivery by the Developer to the Company of the completed Product, should the Company discovery any defects with the Product, the Company shall notify the Developer within ______ (___) days of discovery such defect and the Developer shall take all necessary and reasonable steps to correct any such defect within _____ (__) days of being notified by the Company of such defect. 4.00 COPYRIGHTS 4.01 The Company and the D
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