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Co-development Agreement

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Introduction
Description
Use
Table of Contents

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Introduction

When two technology businesses wish to combine their resources in order to develop a common product resulting from the union of their respective technologies, they need to enter into an agreement establishing their respective rights and obligations, both prior and after the creation of such product, before embarking on such a collaborative project. This co-development agreement allows the parties to engage in a collaboration within a specific framework. The main objectives of this type of agreement are, first, to specify the resources which each party will affect to the project, and second, to establish the rules regarding the ownership of the research results and how the resulting benefits are shared. If the parties do not enter into such an agreement, they may create confusion which could jeopardize all the efforts devoted to such a collaborative project.

The following document provides the legal, technical and financial framework of such agreement.

Description

The Co-development Agreement is the legal instrument by which people, called for the purpose of this operation "collaborators", unite in order to combine their respective technologies to develop a common product they can patent, in order to then grant licenses to businesses willing to manufacture, distribute or market the product resulting from the collaboration.

Use

This document was designed to allow an association between two businesses active in the field of research and development of technology, if such business wish to combine their respective technologies to produce a patentable technology, if appropriate, and to create a business to manage the intellectual property resulting from the union of the various technologies. This contract is primarily used to resolve issues relating to the protection of intellectual property and the management of product research.

Table of Contents

0.00 INTERPRETATION
0.01 Definitions
0.01.01 Activities
0.01.02 Agreement
0.01.03 Best Effort
0.01.04 Breach
0.01.05 Change in Control
0.01.06 Confidential Information
0.01.07 Costs
0.01.08 Encumber or Encumbrance
0.01.09 Event of Default
0.01.10 Force Majeure
0.01.11 Fundamental Provisions
0.01.12 Gross Sales
0.01.13 Innovation
0.01.14 Intellectual Property
0.01.15 Legal Representatives
0.01.16 PARTY
0.01.17 Person
0.01.18 Project
0.01.19 Project Financing Agreement
0.01.20 Proportional Part
0.01.21 Proposal
0.01.22 Related Person
0.01.23 Report
0.01.24 Results
0.01.25 Rights
0.01.26 Science Committee
0.01.27 Specifications
0.01.28 Subsidiary
0.02 Precedence
0.02.01 General Rule
0.02.02 Exception
0.03 Jurisdiction
0.03.01 Governing Law
0.03.02 Non-compliance
0.04 Miscellaneous
0.04.01 Cumulative Rights
0.04.02 Time and Dates
0.04.03 Financial References
0.04.04 References within Agreement
0.04.05 Gender and Number
0.04.06 Headings
0.04.07 Presumptions
0.04.08 Knowledge
0.04.09 Approval
0.04.10 GAAP
1.00 PURPOSE
1.01 Cooperation
1.02 Goals
1.03 Costs
2.00 ORGANIZATION OF THE COOPERATION
2.01 Science Committee
2.01.01 Composition and quorum
2.01.02 Meetings
2.01.03 Powers
2.01.04 Decisions
2.02 Work Groups
2.02.01 Creation
2.02.02 Nomination and Responsibilites of the Project Lead
2.03 Project Financing
2.03.01 Investment
2.03.02 Tax Credits
2.03.03 Subvention
2.03.04 Project Financing Agreement
2.04 Work Meetings
2.04.01 Weekly Basis
2.04.02 Minutes
3.00 RIGHTS AND DUTIES OF THE PARTIES
3.01 Confidential Information
3.01.01 Acknowledgement
3.01.02 Disclosure of the Confidential Information
3.01.03 Exclusive Ownership of the Confidential Information
3.01.04 Prohibition
3.01.05 Disclosure according to the Representatives’ needs
3.01.06 Protection of the Confidential Information
3.01.07 Identification of the Confidential Information
3.01.08 Reproduction of the Confidential Information
3.01.09 Non-disclosure
3.01.10 Non-use
3.01.11 End of the Project
3.02 Initial Contribution
3.02.01 Financial Contribution
3.02.02 Other Resources
3.03 Cash Call
3.04 Bank Account
3.05 Exclusivity
3.06 Performance of Specific Tasks
3.06.01 Undertaking
3.06.02 Best Effort
3.06.03 Default
3.07 Co-development
3.08 Samples
3.08.01 Management
3.08.02 Responsability
3.08.03 Disposal
3.08.04 Costs
3.09 Insurance
3.10 Disclosure
3.10.01 Publishing
3.10.02 Press Release
3.11 Financial Books
3.11.01 Bookkeeping
3.11.02 Audit of Books
3.12 Infringement
3.13 Liability of a Third Party
3.14 Sub-Contractor
3.15 Non-solicitation of Staff
4.00 SECURITY
4.01 In favour of PARTY A
4.02 In favour of PARTY B
5.00 MUTUAL REPRESENTATIONS AND WARRANTIES
5.01 Status
5.02 Authority
5.03 Binding Agreement
5.04 Canadian Resident
5.05 Commission
5.06 Insurance
5.07 Nominee
5.08 Fundamental Provisions
5.09 Disclosure
5.10 Permits
5.11 Resources
5.12 Legal Proceedings
5.13 Conflict of Interest
5.14 Labour Dispute
5.15 Specifications
6.00 REPRESENTATIONS AND WARRANTIES OF PARTY A
6.01 Status
6.02 Authority
6.03 Binding Agreement
6.04 Canadian Status
6.05 Insurance
6.06 Nominee
6.07 Fundamental Provisions
6.08 Disclosure
7.00 REPRESENTATIONS AND WARRANTIES OF PARTY B
7.01 Status
7.02 Authority
7.03 Binding Agreement
7.04 Canadian Status
7.05 Insurance
7.06 Nominee
7.07 Fundamental Provisions
7.08 Disclosure
8.00 JOINT CORPORATION
8.01 Constitution
8.02 Organization
8.02.01 Share Subscription
8.02.02 Board of Directors
8.02.03 Officers
8.03 Shareholders’ Agreement
8.04 Ratification
8.05 Assignment
8.06 Licence
8.06.01 Terms
8.06.02 Exclusive Rights
8.07 Marketing
9.00 WITHDRAWAL FROM THE PROJECT
9.01 Voluntary Withdrawal
9.01.01 Right
9.01.02 Offer to the Other PARTY
9.01.03 Offer to Third Parties
9.01.04 Renewal of the Offer
9.02 Forced Withdrawal
9.02.01 Default
9.02.02 Continuation of the Project
9.02.03 Value of the Rights
9.02.04 Date of Payment
9.02.05 Terms of Payment
9.03 Dispute (“Shotgun”)
9.03.01 Notice
9.03.02 Formal Acceptation
9.03.03 Reputed Acceptation
10.00 SPECIAL PROVISIONS
10.01 Assignment
10.01.01 Prohibition
10.01.02 Effect of Breach
10.01.03 Exception
10.02 Force Majeure
10.02.01 No Default
10.02.02 Duty
10.02.03 Rights of Other PARTY
10.03 Relationship
10.03.01 Independent Contractors
10.03.02 No Control over Performance
10.03.03 No Authority to Bind
10.04 Further Assurances
10.05 Other Remedies
10.05.01 Choices
10.05.02 No Limitations
10.06 Prescription
10.07 Intellectual Property
11.00 GENERAL PROVISIONS
11.01 Notice
11.02 Dispute Resolution
11.02.01 Good Faith Negotiations
11.02.02 Mediation
11.02.03 Arbitration
11.03 Election
11.04 Counterparts
11.05 Amendment
11.06 Waiver of Rights
11.07 Electronic Transmission
11.08 Language
12.00 TERMINATION
12.01 Mutual Consent
12.02 Unilateral Termination
12.03 Without Notice
12.04 Prior Notice
12.05 Change of Control
12.06 End of Agreement Procedure
12.07 Liquidation
12.07.01 Retrocession of the licences
12.07.02 Recovery of Contributions
12.07.03 Split of Rights
13.00 EFFECTIVE DATE
13.01 Retroactivity
13.02 Execution
13.03 Deferral
14.00 DURATION
14.01 Same Duration
14.02 Survival
15.00 SCOPE


SCHEDULE A – EXCERPT FROM A RESOLUTION OF PARTY A
SCHEDULE B – EXCERPT FROM A RESOLUTION OF PARTY B
SCHEDULE 0.01.19 – PROJECT FINANCING AGREEMENT
SCHEDULE 0.01.21 – PROPOSAL (REQUEST FOR FINANCING)
SCHEDULE 0.01.27 – SPECIFICATIONS
SCHEDULE 2.03.01 – INVESTMENT
SCHEDULE 8.02.02 – ARTICLES OF INCORPORATION
SCHEDULE 8.04 – RATIFICATION RESOLUTION

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Civil Law Version
Updated 14-02-2009
Québec
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