CLEANING MOP PROJECT AGREEMENT
THIS AGREEMENT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………
BETWEEN
- [Your Company Name], a limited liability company registered in the state of Illinois, hereinafter referred to as (the “Company”)
AND
- The undersigned engineers, [Engineer 1 Name] and [Engineer 2 Name] hereinafter referred to as (“Engineers”), collectively referred to as (the “Parties”) and individually as a “Party”.
WHEREAS, Company is engaged in the design and development of a new cleaning mop;
WHEREAS, Engineers possess the necessary engineering expertise required for the successful execution of the project;
WHEREAS, Engineers have signed a Non-Disclosure Agreement (NDA) with Company to protect confidential information;
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:
- TERM:
This Agreement shall have an initial term of three (3) years, commencing on [Start Date]. It will be automatically renewed for successive three (3) year periods unless terminated by either party with at least ninety (90) days’ written notice.
- SCOPE OF WORK:
Engineers agree to dedicate their time and efforts to work on the cleaning mop project from the initial concept phase to the final product release. The Company shall determine the specific tasks and responsibilities assigned to each Team Member.
- OWNERSHIP:
Company Ownership: The Company shall own all intellectual property, including but not limited to patents, copyrights, trademarks, and trade secrets, developed or created by the Engineers in the course of their work for the Company, whether individually or collectively. This includes any inventions, designs, prototypes, or other intellectual property related to the cleaning mop project.
Patent: The Company is in the process of filing a patent for the cleaning mop technology. The Engineers’ names shall be added to the patent application, and all expenses related to the patent filing shall be covered by the Company.
- COMPENSATION AND PAYMENT TERMS:
The Engineers shall receive 5% ownership in the Company for their contributions to the cleaning mop project. The Company shall cover all expenses required for the project, including concept development, CAD mockup, detailed CAD, and prototype creation.
The Engineers may also receive compensation for completing each stage of the project, subject to the following payment structure:
Concept Development, CAD Mockup, and Detailed CAD:
Compensation: $500
Payment Terms: The Engineers shall receive $500 upon successful completion and approval of the concept development, CAD mockup, and detailed CAD.
Prototype Completion and Success:
Compensation: $500
Payment Terms: The Engineers shall receive an additional $500 upon the successful completion and approval of the cleaning mop prototype.
The total compensation for the Engineers for completing all stages of the project shall not exceed $1000.
Any additional compensation or commission beyond the stated terms shall be paid on a monthly basis as agreed upon by the Parties.
- EQUIPMENT AND OWNERSHIP:
All equipment, prototypes, designs, and related materials used or created during the project will be owned exclusively by Company. In the event of termination of this Agreement, all materials and intellectual property shall remain the property of Company.
- CONFIDENTIALITY AND NON-DISCLOSURE:
Engineers acknowledge that they have already signed a Non-Disclosure Agreement (NDA) with Company. This NDA shall continue to be in full force and effect, protecting the confidential information of both parties.
- INTELLECTUAL PROPERTY:
Company acknowledges that the intellectual property created during the course of this project is essential to its business. As such, Company will take all necessary steps to protect and secure the intellectual property rights. Engineers agree to cooperate fully with Company in patent filings and other forms of intellectual property protection.
- DISPUTE RESOLUTION MECHANISM:
In the event of any dispute arising out of or relating to this Agreement, the Parties agree to first attempt to resolve the matter amicably through mediation. If mediation does not result in a resolution, the dispute shall be settled through binding arbitration in accordance with the rules of the American Arbitration Association. The costs of mediation and/or arbitration shall be borne by the party initiating the dispute.
- GOVERNING LAW:
This Agreement shall be governed by and construed in accordance with the laws of the state of Illinois, without regard to its conflict of laws principles.
- ENTIRE AGREEMENT:
This Agreement constitutes the entire understanding between the Parties and supersedes all prior discussions, understandings, or agreements, whether written or oral.
- COUNTERPARTS:
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
- SEVERABILITY:
If any provision of this stipulation is found to be invalid, illegal, or unenforceable, the remaining provisions shall remain in full force and effect to the fullest extent permitted by law.
- AMENDMENT:
No modification or amendment of this Agreement shall be valid or binding unless it is in writing and duly executed by all parties hereto.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.
Signed by or on behalf of:
THE UNDERSIGNED HAVE READ, FULLY UNDERSTOOD AND BY SIGNING
COMPANY NAME:
____________________________
SIGNATURE:
____________________________
DATE:
____________________________
ENGINEER NAME:
____________________________
SIGNATURE:
____________________________
DATE:
____________________________
ENGINEER NAME:
____________________________
SIGNATURE:
____________________________
DATE:
____________________________
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