An outsourcing agreement is a business contract between a service provider and a service receiver. It contains all of the terms and conditions of the business relationship, including service provider fees, services to be covered, etc. It is an agreement signed upon by both the companies getting into outsourcing project – the vendor and the buyer. Not just the work expectations, it also contains information and details regarding the quality parameters, timelines, pricing, rewards, etc., of the outsourcing arrangement that the two parties are getting into. In addition to that, the contract also consists the legal issues around intellectual property, NDA agreement, and much more.
Components Of An Outsourcing Contract
- Detailed Project Scope
- Service Level Agreements (Benchmarks)
- Transfer of Assets
- Warranty For The Product/Project
- Ownership or Governance Of Product
- IP Protection Clause. Some other ways to protect your IP legally are:
- Copyright of your intellectual property
- Trademark for software or other goods
- Trade secret of the information
- Patent protection & application
- Cost & Payment Structure
- Duration For Completion
- Dispute Resolution Section
- Subcontracting Clause
- Indemnification Clause
- Exit Strategy
Approx. Costing for Documentation
Pricing for the documents varies from agreement to agreement. It is not fixed. There are many factors on which the pricing is decided. For example; the size of the agreement, complexity of agreement, ETC. Approx. pricing starts from $125 to $200.
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