Joint Product Development Agreement
Use this template contract to write a Joint Product Development Agreement between a client and a developer to develop prototype products for manufacture and distribution.
- The client will supply the necessary equipment, and the developer will obtain all regulatory approvals required for manufacturing, selling, licensing and leasing the products.
- The developer owns the background technology.
- All products, documentation, inventions and developments created under the agreement belong jointly to both parties.
- Either party may propose changes to the specifications, but no changes will be implemented unless agreed in writing by both parties.
- The developer indemnifies the client against claims and losses.
- The customer may terminate the agreement at any time, and the developer will have no claim for damages, losses, compensation or otherwise, except to the extent expressly provided in the Agreement.
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Last Updated: 14-April-2016