Cooperation is a perfect example of how teamwork really makes the dream work. And if we consider these leaders and innovators as an example, the foundations of fruitful cooperation are not just words in the air. A cooperation agreement is essential for each party concerned to be held accountable for its part in order to accomplish a task to be accomplished. These agreements are easy to establish and it is mostly a breeze with the proposed agreements that we propose. I think if it`s worth starting a project, it`s worth giving it a year to see if it`s going to work. This clause therefore highlights this expectation. If my partner does not contribute significantly to the success of the project during this period, I will let the project „die“ or I expect to assume it. Sometimes you`re lucky and a project takes off. This clause acknowledges this situation and states in the minutes that if this happens, we will take the necessary steps to make the whole more formal. In the event that the net profit generated by the product is greater than – per month, we agree to enter into a formal partnership in accordance with the spirit of this Agreement and to create a formal legal entity with its own bank account and accounting. If you like this content, you should look at one of my most successful passive revenue projects, called MSABundle. It has a number of legal documents that I have developed and used in my businesses, including the co-founder`s memorandum of understanding bound above, which is a much heavier and legal-laden version of the agreement, which is described in this blog post. It also contains my master service contract and retainer, which I have used extensively and with great impact with my consulting clients.
This agreement will be irrevocable for a period of 12 months after the signing (the „first year“), during which we will attempt to terminate the first versions of the project, market it to customers and make a profit. In the meantime, we will consider whether the project is useful to both of us. By signing a cooperation agreement with your creative partner, you can create a business relationship that works with the benefits of both parties, while avoiding some problems that parties with bad feelings can leave when cooperation is done. This agreement is concluded for a period of 12 months from the signing of this project cooperation agreement concluded by the following entities: It is important to define what happens if only one of the partners is not interested in continuing work on the project after the first trial period.