Medical Term Sheet
I. Introduction
This Term Sheet outlines the proposed terms and conditions for the partnership or joint venture between [Your Company Name] and [Partner Company Name]. The objective of this partnership is to collaborate on advancing medical research and development, improving patient care technology, and jointly leveraging both companies’ resources and expertise in the medical field.
II. Parties Involved
[Your Company Name], a corporation specialized in [Brief Description of Your Company’s Expertise and Area of Focus in the Medical Field].
[Partner Company Name], a company known for [Brief Description of Partner Company’s Expertise and Area of Focus].
III. Term of Agreement
Effective Date: [Effective Date of Partnership]
Expiration Date: [Expiration Date of Partnership]
Renewal Term: Subject to mutual agreement between the parties and documented in a separate renewal agreement.
IV. Scope of Collaboration
The scope of this joint venture incorporates several key areas, including, but not limited to:
Joint research and development in disciplines such as [Specify Disciplines].
Development and sharing of technological resources particularly in [Specify Types of Technologies].
Co-marketing of jointly developed products or services.
Exchange of knowledge, expertise, and research findings.
V. Financial Terms
Initial Contribution: Each party agrees to an initial financial contribution of [Specify Amount] to the joint venture.
Revenue Sharing: Profits and losses arising from the joint venture shall be shared in the following ratio: [Your Company Name] - [Percentage] and [Partner Company Name] - [Percentage].
Funding for specific projects will be addressed on a project-by-project basis, with terms to be agreed upon in separate agreements.
VI. Intellectual Property
All intellectual property developed during this partnership will be jointly owned by [Your Company Name] and [Partner Company Name]. Specific terms regarding the development, protection, and exploitation of such intellectual property will be outlined in a separate intellectual property agreement.
The parties commit to maintaining confidentiality throughout this partnership, with sensitive information to be protected as per the confidentiality agreement, which will be negotiated separately.
VII. Dispute Resolution
In the event of any disagreements or disputes arising from this partnership, both parties agree to first seek resolution through friendly negotiation. If a resolution cannot be reached through negotiation, the dispute will be escalated to mediation or arbitration, the specifics of which will be agreed upon in the subsequent binding agreement.
VIII. Miscellaneous
This Term Sheet is not legally binding except for the confidentiality, exclusivity, and dispute resolution clauses which shall survive until the signing of the final partnership agreement.
Amendments to this term sheet must be made in writing and signed by authorized representatives of both [Your Company Name] and [Partner Company Name].
IX. Signature
[Your Company Name]
[Date]
[Partner Company Name]
[Date]
Term Sheet Templates @ Template.net
