Have you thought about what information you will include in your partnership agreement?
 
Are partners coming to the table prepared?
 
Reduce the likelihood of sudden surprises
 
Sign the agreement before an significant work is carried out

Preparing for Success

  • To prepare your partnership venture for success, consider the following:
  • The partnership venture is of mutual benefit (if not, why are you still at the table)?
  • The proposed venture fits with your business and strategy plan
  • Agreement of the financial investment required of each partner, profit sharing and distribution/liabilities at the end of the partnership
  • A plan has been prepared and agreed by all partners detailing resources (including time) required of each partner
  • Top level agreement and support (for project-based partnership ventures)
  • A signed partnership agreement

Keys to Success

  1. A common vision
  2. Agreed, clearly articulated Objectives and Outcomes
  3. Understanding and following roles and responsibilities (including leadership)
  4. Detailed outline of contributions from partners (tasks, activities, resources)
  5. A signed partnership agreement

Possible Components of a Partnership Agreement

  • Name of project or collaboration
  • Timeframe and milestones
  • Names and details of partners
  • Key contact personnel
  • Purpose of Agreement
  • Objectives, deliverables and outcomes
  • Strategy/business plan (or intention to develop and agree a plan)
  • Roles and responsibilities of each partner to the agreement
  • Ownership of Intellectual Property and Copyright
  • Financial details including arrangements for payments and distribution of profits if applicable
  • Indemnity and other insurances
  • Reporting arrangements
  • Dispute resolution arrangements
  • Arrangements for renegotiation of agreement
  • Exit strategy / plan including financials, customers and intellectual property
  • Non-performance penalty clauses
  • Termination of agreement conditions
  • Exploitation and ownership of outcome
  • Signatures and dates – signed by people with delegated authority within the organisation.

Please note - this information is guidance and we recommend you seek legal support to put together an agreement in law.

You're set to go.  Agreements are in place.  One final check - the Partnership Checklist for Collaborative Activities and the Commencement Checklist (see below).

Good Luck!

Downloads

Commencement ChecklistPartnership Checklist
Framing Your Agreement 1Framing Your Agreement 2