Development Agreement Definition

A development agreement is a contract between two parties establishing an agreement over development of a product or service. These agreements are used in the development of many types of products such as prescription drugs, computer software and websites.

Description

A development agreement is created when two parties agree to work together on a product. They are often used when a business creates a product and works with another company that manufactures the product. They are popular in the website development and computer software industries.

Purpose

Development agreements are created for protecting the rights of both parties, but especially the rights of the creator of the product or service. These agreements are legally binding and offer details of the development process and agreement.

 

Details

A development agreement contains the names and addresses of both parties involved. It lists the obligations of the parties, legal aspects and all terms of the agreement. It also lists arbitration policies and procedures if needed.