A partnership agreement is a document that is drawn up before a number of persons begin to cooperate. It is drawn up in a free format and contains information about the aims of the cooperation between the parties, as well as understanding and agreements reached between them.
The partnership contract is made so that the participants understand what their rights and obligations are. It reflects a list of issues on cooperation, including the purpose of the establishment of the enterprise, the direction of activities, the distribution of income, etc.
The partnership is relevant when the parties wish to join forces and increase intellectual, financial, and production capabilities. In the future this will have a positive effect on profit, the number of clients, and the geographical area of presence. For example, the subject of the agreement may be:
- exchange of information, goods, and services;
- jointly conducting an advertising campaign;
- provision of services to clients;
- assistance to partners in legal, financial. or technical matters.
When drafting a contract, the parties can come up with additional proposals, and inconsistencies may be discovered. thus, it is necessary to amend the provisions, which increases the time for the approval of the document. However, advancements in technology can speed up the process considerably. Use Pandadoc to quickly create, verify, and approve a contract.
Partnership Agreement sample: features and benefits
What is a Partnership Agreement sample? It is a ready-to-use document with certain fields for you to fill out. For example, there are sections related to the subject matter of the agreement, the obligations of the parties, the details of the parties, and so on. You don’t have to enter the names of the sections yourself, which saves time. You only need to enter specific information about yourself, your partner, and the features of cooperation.
The main advantage is that any blocks in the template can be removed. There is also a possibility to insert your own paragraphs. The template is similar to the designer software that enables you to build a structure according to personal requests and requirements.
After all the information is filled out, the document is signed digitally. It is then sent to the other party for verification. There is no need to print it out, scan it, or use fax. When the other party reads the agreement, they can make amendments and supplements or add comments. The updated information is displayed right away, it is visible to all persons whose email is specified in the document settings.
The advantages of the software include the option that enables users to view the agreement in real-time. That is, partners will have access to the information not one by one but at the same time. This is convenient if it is required to enter into a contract in the shortest possible time.
Partnership Contract template: additional options when generating a document
Once you choose the Partnership Contract template, you don’t have to stick to the style and structure created by the developers. The font color and size can be easily changed. You are also offered to add tables, videos, or images, if necessary.
You can set up alerts, and specify the “lifespan” of the document. In the first case, all participants will receive notifications that changes have been made or that an agreement needs to be signed. In the second, the agreement will be available via a link for a certain period. Once the deadline expires, the other party will not be able to review the document. The above features and other options significantly simplify document management, while improving business processes. Use Pandadoc to keep up with the times.