Business
Revenue Sharing Agreement
New York
Can you explain the key provisions and legal considerations of a revenue sharing agreement?
I am currently in discussions with a potential business partner to establish a revenue sharing agreement for a new online platform we are developing together. While I have a basic understanding of revenue sharing agreements, I am unsure about the specific provisions and legal considerations that need to be included in the agreement to protect both parties' interests. I want to ensure that the agreement clearly outlines how revenue will be shared, what expenses will be deducted, and how disputes will be resolved, among other key provisions. I would greatly appreciate your guidance in understanding the legal aspects of revenue sharing agreements and any potential pitfalls that I should be aware of before finalizing the agreement with my business partner.
Answers from 1 Lawyer
Answer
Business
New York
Damien B.
ContractsCounsel verified
October 3, 2023
Hello! My name is Damien Bosco, Esq. My law office is located in Long Island City across from Manhattan. Some key provisions in a revenue-sharing agreement would be the following: - Purpose and Scope - Revenue Sharing Terms - Expense Deductions - Responsibilities of Each Party - Audit Rights - Dispute Resolution - Confidentiality and Non-Compete - Termination and Exit Strategy - Liability and Indemnification - Choice of Law Clearly distinguish between revenue-sharing arrangements and equity stakes, as they have different legal and tax implications. Also, address ownership of any intellectual property developed during the partnership, which can become a significant source of disputes. Feel free to reach out if you want a consultation or help drafting the agreement.
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