Free Formal Agreement Between Two Parties Design Template

Formal Agreement Between Two Parties Design

This Formal Agreement ("Agreement") is entered into on [DATE] by and between:

Party A: [YOUR NAME], with its principal office located at [ADDRESS], ("Party A").

AND

Party B: [PARTY B NAME], with its principal office located at [PARTY B ADDRESS], ("Party B").

WHEREAS, Party A and Party B (collectively, the "Parties") desire to enter into this Agreement for the purpose of [DESCRIBE PURPOSE OF AGREEMENT, E.G., providing services, purchasing goods, etc.] under the terms and conditions set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein, the Parties agree as follows:

1. OBJECTIVE OF THE AGREEMENT

The purpose of this Agreement is to establish a formal relationship between Party A and Party B to [SPECIFY THE NATURE OF THE RELATIONSHIP, E.G., "provide web development services," "engage in the sale of goods," etc.].

2. DURATION OF THE AGREEMENT

This Agreement shall commence on [START DATE] and shall remain in effect until [END DATE], unless terminated earlier in accordance with the terms set forth in this Agreement.

3. TERMS AND CONDITIONS

3.1 Obligations of Party A

Party A agrees to:

[DETAIL PARTY A’S RESPONSIBILITIES, E.G., provide necessary services or deliverables, maintain confidentiality, etc.]
[ANY ADDITIONAL SPECIFIC OBLIGATIONS]

3.2 Obligations of Party B

Party B agrees to:

[DETAIL PARTY B’S RESPONSIBILITIES, E.G., pay fees on time, provide necessary access, etc.]
[ANY ADDITIONAL SPECIFIC OBLIGATIONS]

4. PAYMENT TERMS

Party B shall pay Party A for the services/products rendered as follows:

Amount: [SPECIFY AMOUNT, E.G., $5000]
Payment Method: [SPECIFY METHOD, E.G., bank transfer, check]
Payment Schedule: [SPECIFY SCHEDULE, E.G., 50% upfront, 50% upon completion]

Payments shall be made in accordance with the terms set forth above and are due on [SPECIFY DATE OR TIME FRAME, E.G., 30 days from invoice date].

5. CONFIDENTIALITY

Both Parties agree to maintain the confidentiality of any proprietary or confidential information exchanged during the course of this Agreement. This obligation will continue beyond the termination of this Agreement.

6. INTELLECTUAL PROPERTY

Any intellectual property developed during the term of this Agreement shall remain the property of [SPECIFY PARTY, E.G., Party A] unless otherwise agreed in writing.

7. TERMINATION

Either party may terminate this Agreement upon written notice to the other party under the following circumstances:

[SPECIFY TERMINATION CONDITIONS, E.G., breach of terms, failure to perform obligations, mutual agreement, etc.]

Upon termination, any outstanding payments for services/products provided up to the termination date shall be due immediately.

8. DISPUTE RESOLUTION

In the event of any dispute arising from this Agreement, the Parties agree to attempt to resolve the issue amicably through informal negotiation. If the dispute cannot be resolved through negotiation, the Parties agree to submit the matter to [SPECIFY MEDIATION OR ARBITRATION ORGANIZATION] for resolution.

9. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of [STATE/COUNTRY], without regard to its conflict of law principles.

10. MISCELLANEOUS

10.1 Entire Agreement

This Agreement constitutes the entire understanding between the Parties regarding the subject matter and supersedes all prior discussions, understandings, and agreements.