An internal partnership agreement is a legally binding document that outlines the terms and conditions of a partnership between two or more parties within a company. This agreement ensures that all parties understand their roles and responsibilities, as well as the benefits and limitations of the partnership.
If you are considering entering into an internal partnership agreement, it is important to have a clear understanding of what the document should include. Here is a sample internal partnership agreement that you can use as a starting point for your own agreement:
Introduction:
This internal partnership agreement (“Agreement”) has been entered into between [Company A] and [Company B] (collectively, the “Parties”) on [Date]. The purpose of this Agreement is to establish the terms and conditions of the partnership between the Parties.
Scope:
This Agreement shall govern the partnership between the Parties in connection with [specific project or initiative] (the “Project”).
Term:
The partnership established by this Agreement shall commence on [Date] and shall continue until the completion of the Project.
Responsibilities:
The Parties agree to work together in good faith to ensure the success of the Project. The responsibilities of each Party are as follows:
[Description of Company A’s responsibilities]
[Description of Company B’s responsibilities]
Intellectual Property:
All intellectual property created in connection with the Project shall be jointly owned by the Parties. Each Party shall have the right to use the intellectual property for their own internal business purposes.
Confidentiality:
During the term of this Agreement, each Party agrees to keep all confidential information provided to them by the other Party confidential and to use such information only for the purposes of the Project. The Parties agree to take all reasonable measures to protect the confidentiality of such information.
Termination:
This Agreement may be terminated by either Party at any time upon [insert number] days written notice to the other Party. Upon termination, each Party shall return all confidential information provided to them by the other Party.
Governing Law:
This Agreement shall be governed by and construed in accordance with the laws of [state or country].
Entire Agreement:
This Agreement constitutes the entire agreement between the Parties and supersedes all prior negotiations, understandings, and agreements between the Parties.
Counterparts:
This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.
Conclusion:
An internal partnership agreement is a crucial document for any partnership between two or more parties within a company. Use this sample agreement to ensure that your partnership is clearly defined and legally binding. Remember to consult with your company’s legal team before finalizing any agreement.