When more parties or companies are joining to execute a common project, each of them is assigned specific goals, responsibilities, services to contribute, and jurisdictions from the parent company that originally owns the rights to conduct the project. To divide the responsibilities and rights to the contributors of a project or a joint business venture, an agreement is written and signed between the company and the contributors and it is known as the assignment of contributor rights agreement.
Brief Description of Assignment of Contributor Rights Agreement:
It is possible that when such a joint venture is conducted with two or more partners and companies, some of them may cross the jurisdiction or rights they are given by the parent company so to eliminate the chances of dispute and conflicts among contributors, the parent company signs an agreement with the contributors in which they both agree to the mutual division of the rights to each partner and this agreement is the assignment of contributor rights agreement. It is very important to clarify that even if the parent company needs the contribution and help from other companies and partners, the rights and ownership of the project or the product are still owned by the parent company and no matter how big the contribution of a partner is in the process, no one can claim the legal ownership or rights on the product unless the parent company grants this permission and to do so, they create the contribution rights agreement with all the members or partners of the process.
This is a very common agreement and when companies offer contributions from other partners, they clarify the rights that will own by each partner with their contribution in the joint venture with this agreement so that no one falsely claims any rights or ownership on the project or venture. It depends on the type of business, joint venture, project, number of contributors, and services offered by the partners to contribute. Thus, many agreements have different terms, conditions, and clauses. But, most importantly, each agreement includes the name and introduction of the contributors, details of the project/venture, contributions required by each partner, rights, obligations, and ownership of each partner in the project, termination, and validation of the agreement and mutually agreed on terms and conditions of the project that is signed by the parent company and all partners.
Key Elements to add to the Assignment of Contributor Rights Agreement:
- Name of the company/organization
- Name of the contributor(s)
- Details of the project or assignment
- Specifications and particulars about the program to contribute in
- Rules and regulations implemented by the parent company
- Terms and conditions of the agreement
- Mutually agreed clauses of the agreement
- Details of rights on the project for each contributor
- Permission of transfer of the rights of the project to each contributor
- Termination and validation of the agreement
- Results of violation of the agreement
- Legal obligations of the company and the contributors
- Signature of both parties
Free Assignment of Contributor Rights Agreement Templates
Download the Free Assignments of Contributor Rights Agreement Template that can easily help you to prepare your Assignment of Contributor Rights Agreement effectively.
