Product development contract is a legal document which is made between an organisation and a product developer. This kind of a contract is based upon certain terms and conditions which have to be mutually agreed upon.
Sample product development contract:
Contract code: 34/pt
Effective date of contract: 25th June, 2011
This contract is made between two parties who are referred to as COMPANY and DEVELOPER.
This contract is made for the development of hair spa products of medium budget price.
Name: Mr. George Radcliff
Address: 45-j, Kell Street, London
Company name: Radcliff Co.
Name: Mr. Henry Peter
The COMPANY hereby agrees to hire the DEVELOPER for the development of hair spa products for the entire duration of contract which is 12 months.
Termination of contract: 25th June, 2012
The DEVELOPER shall be paid an amount of $10000 for the product development.
The following are the terms and conditions which must be followed and agreed by both the parties:
- The COMPANY must pay the amount in equal amounts every month for the entire duration of contract.
- The DEVELOPER shall abide by the rules of the COMPANY in all conditions.
- The DEVELOPER shall work only on the proposed tasks and not engage in any other company’s works.
- The COMPANY shall not hire any other employee for the work which is assigned to the DEVELOPER.
- Both parties must realise that the contract shall terminate if any of the two parties fails to abide by the rules.
George Radcliff Henry Peter