Free Agreement Between Two Business Parties Template
Agreement Between Two Business Parties
This Agreement ("Agreement") is made and entered into as of February 15, 2078, by and between:
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[YOUR COMPANY NAME], a company duly organized under the laws of Maryland, having its principal office at [YOUR COMPANY ADDRESS] (hereinafter referred to as "Party A"); and
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DynaFive, a company duly organized under the laws of Maryland, having its principal office at Baltimore, MD 21201 (hereinafter referred to as "Party B").
Both entities shall be collectively referred to as "the Parties" and individually as a "Party."
I. Purpose of the Agreement
The purpose of this Agreement is to set forth the terms and conditions under which the Parties agree to collaborate on the development and distribution of advanced AI-powered educational tools.
II. Scope of Work
[YOUR COMPANY NAME] (Party A) agrees to perform the following:
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Provide design specifications and guidelines for the AI educational tools.
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Supply technical documentation and user training manuals.
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Conduct quality assurance testing for all deliverables.
DynaFive (Party B) agrees to perform the following:
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Develop the software architecture and integrate Party A’s specifications into the final product.
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Deliver prototype and final versions of the tools by the agreed-upon deadlines.
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Offer ongoing technical support for a period of 12 months post-delivery.
III. Term and Termination
This Agreement shall commence on March 1, 2078, and continue until February 28, 2080, unless terminated earlier by either Party with 30 days' written notice.
Termination may occur under the following conditions:
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Mutual agreement between the Parties.
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Breach of any material provision in this Agreement.
IV. Financial Terms
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Compensation: DynaFive shall compensate [YOUR COMPANY NAME] as follows:
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$250,000 for the initial project phase, payable within 14 days of the commencement date.
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$500,000 upon delivery of the final product.
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Invoices: Party A shall issue invoices to Party B upon completion of each project milestone.
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Payment Terms: Payments shall be made within 30 days of receiving an invoice via electronic funds transfer (EFT).
V. Confidentiality
Both Parties agree to maintain the confidentiality of proprietary information shared during the course of this Agreement. This includes but is not limited to design blueprints, software code, and business strategies. Confidential information shall not be disclosed to any third party without prior written consent.
VI. Liability and Indemnification
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Liability: Neither Party shall be held liable for indirect, incidental, or consequential damages arising under this Agreement.
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Indemnification: Each Party agrees to indemnify and hold the other harmless from any claims, damages, or liabilities arising from their respective breaches of this Agreement.
VII. Dispute Resolution
Any disputes arising from this Agreement shall be resolved through:
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Negotiation: The Parties shall first attempt to resolve disputes amicably.
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Mediation/Arbitration: If negotiation fails, disputes shall be referred to arbitration under the rules of the American Arbitration Association.
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Governing Law: This Agreement shall be governed by the laws of Baltimore, Maryland.
VIII. Miscellaneous
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Amendments: This Agreement may only be amended by a written document signed by both Parties.
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Entire Agreement: This Agreement constitutes the entire understanding between the Parties and supersedes all prior agreements.
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Notices: All notices under this Agreement shall be sent to the addresses listed above via registered mail or email.
IX. Signatures
IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first written above.
[YOUR COMPANY NAME]:
Name: [YOUR NAME]
Title: Chief Executive Officer
Date: February 15, 2078
DynaFive:
Name: Carmel Ryan
Title: Chief Technology Officer
Date: February 15, 2078
This is a legally binding document. Both Parties are advised to seek independent legal counsel before signing.
