Cooperative Research & Development Agreement to Negotiate in Good Faith
Date: _______________________20_____.
Dear
It is my understanding that a cooperative research and development project between the parties referenced below is being considered. It is acknowledged by the parties below that cooperative research and development project and agreement shall be discussed by the two parties regarding the goals and terms of this project to be set at a later date.
The purpose of the Agreement is to formalize the parties and the relationship with respect to researching intellectual property and commercialization of a product. It is further acknowledged, that patentable inventions may be made by the collaboration of one or both of the parties. Pursuant to its authority, under the Federal Technology Transfer Act of 1986, the parties agree, that this be approved, in writing and signed. It will be retroactive effective the date that the last party has executed the Letter for any inventions that may be made under the approved project plan. Also, retroactive effective to the date, the last party that will executed the Letter for confidentiality obligations specified in Letter of Intent(2) - (terms of agreement and goals of the project). Provisions for the protection of proprietary information are incorporated by references and are considered controlling.
You understand, however, that this Letter is not a commitment on the part of either party to enter into a business agreement. Further, this Letter is effective for a term not to exceed six (6) months. The six month term may be extended, provided the project is under active negotiation and the collaborative research is continuing. Assuming that the necessary approvals are forth coming, we look forward to a successful collaboration,
Sincerely,
L.A.
The Gypsy Agent.
A private business consultant.
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Agreed and Accepted:
