Difference Between Contract And Collaboration Agreement

Important provisions are the conditions relating to how the project is financed and the amounts that each party must pay throughout the term of the agreement. It is very important to document what happens when more money is needed for the project, if a party does not pay, if it is forced to do so, and how and when each party can expect to recoup its investment. If a party violates its payment obligations under the Cooperation Agreement, the other party or parties may possibly apply to a court for damages for any loss suffered by the injuring party as a result of the injuring party`s non-payment. If a party uses many resources or makes a significant investment in the project, it may claim compensation for losses incurred by certain aspects of the project.