Product Development Contract

The Product Development Agreement is a contract between a company and a product developer. The Product Development Agreement outlines terms of engagement, compensation, milestones or phases of product development including method of design reviews, acceptance, rejection and error fixing, ownership of the final product, licenses of each party granted to the others, their respective warranties and representation, confidentiality obligations, termination grounds and procedures, and respective disclaimers of warranties, etc. This agreement is customizable to fit a company’s specific usage.

SOURCE: Product Development Contract