What Is A Collaboration Agreement In Business

If a party deploys a lot of resources or makes a significant investment in the project, it may claim compensation for losses it suffers in relation to certain aspects of the project. Indemnification is a contractual obligation that a party gives to another party to compensate that party for any loss suffered or likely to be incurred by that party, and any loss suffered may be recovered from the indemnified party as a debt. Payment terms could also include practical provisions relating to billing agreements; Under federal law, a collaborative work without a specific agreement is considered a “joint work” with co-ownership of a copyright and an equal share of all royalties.