In this section of the product development agreement template, the Provider shall provide details of the services pursuant to the scope of work (attached to the agreement) in exchange for fees compensation/ fees as specified in the compensation section of the agreement. The section also mentions that all the work done shall be delivered to the Client as defined by the delivery schedule attached to the agreement.
This section of the product development agreement template includes confidentiality clauses and all other details related to product development for the client. It mentions that no aspect/detail or the product being developed (or information given to the Provider by the Client) shall be disclosed to any party without any kind of prior written consent from the Client.
The product development agreement template should clearly define the payment arrangements as agreed by both parties. The section also specifies the details of invoices, for e.g., all the payment shall be paid no later than 30 days from the date they are delivered to the Client. The section also provides a Client acknowledgement about the late payment fees in case of delay in the product development until payment is made in full.
The product development agreement template should also mention the start and end of the date of the project. Apart from this, it should cover the termination rights of the company for any kind of reputation damage, breach of the terms of the agreement or failure to comply with applicable legislation.
A contract goes through a lifecycle, which has eight states. It begins with the stage of contract request and goes to the following stages: contract authoring, contract negotiations, contract approval, contract signatures, contract obligations, contract compliance, and contract review. You can read more about contract lifecycle management here.
Contracts in development (or product development contracts) are legally binding documents between two or more parties (service providers and client) attesting that the service provider is developing a product on the client’s behalf in exchange for compensation.
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