A technology development contract is a formal and legal document which is signed between two parties, one of which is the company or organisation and the other is the technology developer. The contract is signed on the basis of few terms and conditions which have to be mutually agreed upon.

Sample technology development contract

Date of contract: 1^st July, 2011

Period of contract: 12 months

Termination of contract: On the completion of development of technology or 1^st July, 2012

This contract is made among Mr. Daniel Rad, who is herein referred to as the COMPANY and Mr. Fred George, who is herein referred to as the DEVELOPER.

Details of the COMPANY:

Address: 12-P, long street, NY

The COMPANY owns an IT company called as Vertical solutions and hires the DEVELOPER for 12 months for the technology development of GPS technology for latest mobile phones.

Details of DEVELOPER:

Address: RED-1, first floor, Greg lane, NY

The DEVELOPER is hired by the COMPANY and agrees to fulfil the work given.

Payment details:

The total salary of the DEVELOPER: $10000

The salary will be paid the amount in monthly equal amounts in the first week of each month

The technology which is in question is directly related to developing better GPS techniques.

Obligations and Covenants:

• COMPANY must give the DEVELOPER required material and financial help along with enough space and freedom to develop the technology.
• The DEVELOPER must abide by the working rules of the company and is condemned to be a part of any other organisation during the period of contract.

Signatures:

Daniel Rad            Fred George

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Technology Assessments