Product development agreement is made between two parties in which one is assigned to develop a particular product for the other party. The agreement sets forth rules and regulations of deal that are mutually accepted by both sides.
Sample Product Development Agreement
This agreement is signed between the PRODUCT DEVELOPER and the CLIENT COMPANY on 18th May 2011 and it will come in effect from 15th June 2011.
The duration for the agreement and for the product development will be 3 months. The developer has to finish his work in this duration.
The developer will make design and a prototype of a four-wheeler that would be fuel efficient, faster and equipped with high tech devices.
Details of Client Company
Name: Ronald Marsh man
Contact Number: 5389601247
Business Details: the person owns an automobile company.
Details of Developer
Name: George Mackintosh
Contact Number: 4328096740
Terms and Conditions of the agreement decided by both parties
The developer and his team will design and deliver the final model of product with in given time. Once handing over the product the Client will own the patent rights of the product design and its manufacturing.
The developer will get a sum of $ 4000 as developing fee for his job.
Till the final design does not get finished, the developer will not share any information regarding the project with a third party. Otherwise, it will be considered as a violation of secrecy and such act will be subjected to legal suit.