The Parties shall share equally all personnel responsibilities related to this Cooperation Agreement. This includes providing human and financial resources to procure additional staff to achieve the above-mentioned objectives. The Parties shall share equally all direct financial burdens, commitments or costs related to this Cooperation Agreement. If external financing or credits are necessary to contribute to the achievement of the above-mentioned objectives, the parties agree to obtain this credit jointly and to assume responsibility for the repayment of these debts. If, beyond the same share, a Party makes additional capital available, that capital shall not grant them additional interest or control over the cooperation. Instead, the capital is considered a loan and is repaid on the proceeds of cooperative efforts. In the first part of the agreement, it is essential to define its main objective. It should also be expressly stressed that all parties concerned have agreed to the cooperation with a clear objective. For the next part, the contract should indicate the terms and responsibilities of each party for the success of the partnership. Ideally, there are sections for each part with a list that contains the main tasks for each part. This list is also used to draw the attention of other parties to the contributions of the other. Since this section contains the list of responsibilities of each party, it also defines its parameters. Setting limits will allow all parties involved to focus on their share of the work and do their best.
The Parties agree that an independent consultant will be responsible for carrying out a risk assessment before comment working under this Cooperation Agreement. PandaTip: The proposal clearly defines how funding and profits will be managed during the duration of the cooperation agreement. As part of a joint effort, it is important to write down the extent of each party`s responsibilities and expectations and the duration of the partnership. A cooperation agreement contains all this information….