BUSINESS AGREEMENT.
This Business Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2020 (the “effective date”), between ________________, Address _____________ (hereinafter referred to as the “Company A”), and ___________, Address _____________ (herein referred to as the “Company B”).
WHEREAS, Company A is an Event Company located in ________________.
WHEREAS, Company B is a subcontractor for Company A being hired under the terms of this Agreement to create a Reservation Software for Company A.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
- TERM.
The initial term of this Agreement shall be for a period _____ [Days/Weeks/Months], commencing on the Effective Date herein.
- SCOPE.
- Company A, an Event company, shall hire Company B to create a Reservation Software. Company B shall provide the creative concepts for the software, conduct the necessary market research, and come up with the correct software for vendor allocation and project management.
- Company B shall provide Company A weekly updates about the project.
- Company A shall, for the purpose of the project covered under this Agreement, provide all the requirements, including but not limited to the concept of the project, to Company B. Company A shall cover all the costs for the development of the software, the estimated cost of the project is ___________ Dollars.
- PAYMENT.
- Company A shall pay Company B ________ Dollars for the services covered under this Agreement. The payment shall be made in the following installments;
- 50% upfront for the cost of Reservation Software
- 50% upfront for the Company B service fees
- 25% when the project is on 75% completion, 50% for Company B service fees when the project is 75% complete
- 25% when the project is complete.
- Company A shall cover all the server costs as well as any other expenses that do not include the cost for the project development of the service fees herein.
- CANCELLATION/TERMINATION.
The Parties acknowledge that either Partner can cancel this Agreement at any time provided that they issue a ___ day written notice on the same.
- COPYRIGHT.
The Parties agree that Company A shall retain the exclusive copyrights to all the intellectual property covered under this Agreement once the project is completed. Company B shall hand over the relevant logins, passwords, emails, and any other information related to the operation of the Software to Company A as soon as the project is completed. Company B shall not claim any right to the software once the project is completed and handed over to Company A.
- INDEPENDENT CONTRACTOR.
- Company B shall be retained as an independent contractor. Company B shall be fully responsible for payment of their own income taxes on all compensation earned under this Agreement. Company A shall not withhold or pay any income tax, social security tax, or any other payroll taxes on Company B’s behalf during the term of this Agreement.
- Company B and/or Company B’s employees understand that they shall not be entitled to any fringe benefits that Company A provides for their employees generally or to any statutory employment benefits, including without limitation worker’s compensation or unemployment insurance.
- GENERAL PROVISION, GOVERNING LAW, AND JURISDICTION.
- This Agreement contains the entire Agreement between the Parties relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both parties hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the ____________ [State/Country]. Exclusive jurisdiction and venue shall be in _____________ [State/Country].
- This Agreement shall be binding upon and inure to the benefit of Company A and Company B and their respective successors and assigns, provided that Company A may not assign any of their obligations under this Agreement without Company B’s prior written consent.
- Each party represents and warrants to the other that such party has acted in good faith and agrees to continue to so act in the negotiation, execution, delivery, performance, and any termination of this Agreement.
- Any and all notices or demands by or from the Company A to Company B, or by or from the Company A to the Company B, shall be in writing and shall be served either by regular United States mail, Certified or Registered Mail, return receipt requested, postage prepaid or by recognized overnight courier service. If such notice is served by mail in the manner herein provided, service shall be conclusively deemed made forty-eight (48) hours after the deposit thereof in the United States mail or on the next business day after submission to the overnight courier service, addressed to the party to whom such notices or demand is to be given, at the following addresses;
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date.
COMPANY A. COMPANY B.
______________________ ________________________
Signature Signature _____________________ _________________________
Contact Information Contact information
_____________________ _________________________
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