Term Sheet for Framework Agreement

I. Introduction

This Term Sheet outlines the primary terms and conditions proposed between [Your Company Name] and [Partner Company Name], hereinafter referred to as the "Parties", intended to form the basis of a Framework Agreement. This document serves as a preliminary agreement and does not constitute a legal obligation until a full contractual agreement is signed by both parties.

This Term Sheet sets the foundation for the Framework Agreement by outlining key elements like service scope, duration, pricing, obligations of each party, and dispute resolution, aiming to facilitate and expedite contract negotiations and finalization.

II. Scope of Agreement

The Framework Agreement, subject to the terms agreed herein, will cover the following areas:

[Your Company Name] hereby commits to providing [Partner Company Name] with a full suite of software development services, along with continuous maintenance and support for the delivered software products.

We aim to engage in cooperative efforts across various domains including the integration of technology, optimization of systems, and enhancement of cybersecurity measures. The primary goal of these collaborative endeavors is to improve the quality of services provided and to accomplish shared business objectives effectively.

III. Term and Renewal

This Term Sheet is proposed for a preliminary period starting from [Start Date] and ending on [End Date]. Both parties agree to commence negotiations for renewal at least three months before the expiration of the current term, considering the mutual interests and performance outcomes achieved. , Upon agreement, the term can be extended under revised terms based on the mutual consent of both parties. Any extension or renewal of the agreement will be documented in a separate addendum to the Framework Agreement.

IV. Pricing and Payment Terms

The following payment structures are currently being proposed and are open for consideration:

All of the services that are provided according to the terms of this agreement shall be subject to charges, which will be calculated on the basis of the number of hours billed.
Payments are required to be submitted within a timeframe of thirty days starting from the date that is specified on the invoice; these invoices are generated and issued once every month.
The specific pricing, the discounts available, and the conditions that apply to long-term commitments will all be subjects of negotiation and will be elaborately detailed within the Framework Agreement.

V. Responsibilities of Parties

[Your Company Name]

Shall ensure timely and professional provision of software development and maintenance services as per the agreed-upon standards outlined in the Framework Agreement.

I will provide regular and consistent updates on the progress of the project, as well as furnish detailed reports in accordance with the stipulations outlined in the terms of the agreement.

[Your Company Name] will ensure that all proprietary information belonging to [Partner Company Name] remains confidential and is protected from unauthorized disclosure or use.

[Partner Company Name]

Is responsible for providing clear specifications regarding the required software functionalities, features, and any other project requirements in a timely manner.

Shall provide timely feedback on deliverables and progress reports submitted by [Your Company Name] to ensure alignment with project goals and expectations.

Will designate a point of contact or project manager to coordinate with [Your Company Name] for efficient communication and project management.

VI. Dispute Resolution

In the interest of a cooperative partnership, the Parties agree to resolve any disputes arising from this agreement through negotiation and mutual consultation first. If a resolution cannot be reached through direct discussions, the Parties will proceed to mediation before resorting to legal action. The jurisdiction for mediation and legal recourse will be [Specified Location].

VII. Miscellaneous

This Term Sheet is deemed to be confidential information exclusively shared among the Parties involved and must not be disclosed to any third parties without obtaining prior written consent from both Parties.

VIII. Signature

This Term Sheet is agreed upon by the Parties as of the date first written above.

[YOUR COMPANY NAME]

[Date]

[PARTNER COMPANY NAME]

[Date]