BUSINESS PARTNERSHIP AGREEMENT
This Business Partnership Agreement (hereinafter referred to as the “Agreement”) is
made on __________________20___ Between ______________________
(referred to as the “Company”), and _______________ (referred to as the “Partner”).
Together referred to as the “Parties”.
WHEREAS the parties have agreed to be legally bound by the following terms and
conditions; –
1. Purpose.
Parties agree that the Company shall give exclusive license of their technology to a
partner in a Country for 70% equity in the local Company.
2. Term.
The partnership shall begin on the date signed by the parties below (hereinafter
referred to as the “Effective Date”) and continue indefinitely until otherwise
terminated in accordance with the terms herein.
3. Revenue.
Parties agree that until the equity sales to the company, the local company will pay a
license fee of 70%. Upon the sales of the 70% equity to the company, the license fee
would be void.
Parties agree that the equity sales to the company might intervene at any moment
the company is ready to buy the pre-sold shares in the local company.
4. Termination.
The partnership may be dissolved at any time in the event any party fails to deliver
their task within 14 days.
In the event of termination, any accrued right shall be delivered and/or paid.
5. Intellectual Property.
The parties herein agree that there exists a patent on the Company’s technology and
the partner, therefore, has no right to ownership of the technology save for the
exclusive license to use the technology herein.
6. Dispute Resolution.
Any controversy or claim arising out of or relating to this Agreement, or the breach
thereof shall be mutually negotiated between the parties. However, if it fails, the
dispute shall be settled by arbitration in accordance with the rules, and judgment
upon the award rendered may be entered in any court having jurisdiction thereof.
7. Governing Law.
This Agreement shall be construed, governed, interpreted, and applied according to
the Laws of _____________________.
8. Waiver.
The waiver by either party of the breach of any covenant or provision in this
Agreement shall not operate or be construed as a waiver of any subsequent breach
by either party.
9. Severability.
In the event a court of competent jurisdiction declares any term or provision of this
Agreement to be invalid or unenforceable for any reason, this Agreement will remain
in full force and effect and either:
a. The invalid or unenforceable provision(s) will be modified to the minimum
extent necessary to make such provision(s) valid and enforceable; or
b. If such a modification is not possible, this Agreement will be interpreted as if
such invalid or unenforceable provision(s) were not a part of this Agreement.
10. Amendment of Agreement.
This agreement cannot be amended without the written consent of all partners.
IN WITNESS WHEREOF, the partners hereunto set their signatures and
acknowledged this Agreement as the date first above written.
Signed by the Company; –
Signature:
__________________________
Date:
______________________________
Email Address:
_____________________
Signed by the Partner; –
Signature:
__________________________
Date:
_______________________________
Email Address:
_____________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )