How an Utilities Corporate Legal Department Hired a Lawyer to Draft a Project Collaboration Agreement in New York

Hello and welcome to ContractsCounsel.com! My name is Dolan. So first things first is the scope of work. You don't want "project creep" to show up. Lawyers often have to deal with this as well because sometimes the scope of what we do is exceeded by clients on occasion, so being clear on the scope is super important. Also, if you’re both putting in money or other resources, spell out what those are and how they’ll be tracked and you might want to include details on how future expenses will be approved and who’s footing the bill for what. Confidentiality and what to do with the IP is also going to be super important, too. Also, other things like what happens if a party doesn't perform, how you'll handle disputes, where you will handle them, and where notices will be sent are super important. Also, what about decision-making disputes? Think about how those will get handled. Finally, think about profit sharing as well! Come on back to this site and we can draft one up for you!

Hello! Congrats on this! So the short answer is yes: A Project Collaboration Agreement can offer significant protection for your concerns in a joint venture. This type of agreement outlines the rights, responsibilities, and expectations of each party involved. Specifically, taking time to draft the agreement where you define the ownership of any IP or know-how you contribute is the only sensible solution. Having it in writing is also super important so you can make sure that your rights are recognized and protected in black and white. Make sure it has a dispute resolution clause, too. We can always help with that! Thanks again!