Technology development agreement takes place between companies/organizations and those firms who provide technology development services. The agreement works as a legal document for execution of business deal between both parties and describe the nature of project as well.
Sample Technology Development Agreement
The agreement is made between the CLIENT COMPANY and the TECHNOLOGY RESEARCH FIRM on 23rd August 2011 and it will be effective from 1st September 2011.
The duration of the agreement will be 8 months and the Client expects to get the work done in this period.
The Technology Research Firm will develop an eco friendly house technology for medium budget apartments of Client’s housing projects. The technology should fulfill the environmental norms regarding clean, green and energy efficient housing.
Details of Technology research Firm
Name: Sunrise Techno Solutions Pvt. Ltd.
CEO: Andrew Watson
Contact Number: 4863102795
Details of the Client Company
Name: Patrick Anderson
Contact Number: 43018950267
Business Details: The person runs a real estate company.
Terms and Conditions of the agreement decided and agreed by both sides
The research firm will develop a technology that can cater the needs of an eco-friendly house with all luxury and comfort. The technology should be cost savvy with easy to operate equipments or devices.
The Client will pay a sum of $ 3500 as research fee to the firm for this project and
After developing the technology, it will be the property of Client and the research firm will not make any claim regarding proprietary rights.