This Simple Cost Sharing Agreement Template is designed for use in the United Arab Emirates when two or more parties need to establish a formal arrangement for sharing specific costs, expenses, or resources. The template is particularly useful for businesses operating in shared facilities, joint ventures, or group companies looking to allocate common expenses efficiently. It addresses key requirements under UAE Federal Law, including the Civil Code and Commercial Code, and provides clear mechanisms for cost allocation, payment procedures, and dispute resolution. The document includes essential provisions required by UAE law while maintaining flexibility to accommodate various business relationships and cost sharing scenarios. This template is suitable for both simple and complex cost sharing arrangements, with optional clauses that can be included based on specific requirements.
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1. Parties: Identification of all parties to the agreement, including their legal names, registration numbers, and registered addresses
2. Background: Context of the agreement, including the purpose of the cost sharing arrangement and the relationship between the parties
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the agreement
4. Scope of Cost Sharing: Clear definition of which costs are to be shared and which are excluded
5. Cost Allocation Method: Detailed explanation of how costs will be allocated between parties, including the basis for calculation
6. Payment Terms: Terms for payment including timing, method, and currency of payments
7. Budgeting and Forecasting: Process for creating and approving budgets and cost forecasts
8. Record Keeping and Audit Rights: Requirements for maintaining financial records and rights to audit shared costs
9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for dispute resolution
1. Intellectual Property Rights: Include when the cost sharing arrangement involves development or use of intellectual property
2. Confidentiality: Include when parties need to share sensitive financial or business information
3. Tax Considerations: Include when specific tax implications need to be addressed, particularly regarding VAT
4. Force Majeure: Include when parties want specific provisions for handling unforeseen circumstances
5. Insurance Requirements: Include when shared activities require specific insurance coverage
6. Change Control: Include when the cost sharing arrangement might need formal procedures for making changes
7. Dispute Resolution: Include when parties want specific dispute resolution procedures beyond standard court proceedings
8. Assignment and Subcontracting: Include when parties might need to transfer rights or obligations
1. Schedule 1: Cost Categories: Detailed breakdown of all cost categories included in the sharing arrangement
2. Schedule 2: Allocation Methodology: Detailed methodology for calculating each party's share of costs
3. Schedule 3: Payment Procedures: Specific procedures for invoicing, payment, and reconciliation
4. Schedule 4: Reporting Templates: Standard templates for regular cost reporting and reconciliation
5. Schedule 5: Budget Framework: Template and guidelines for budget preparation and approval
6. Appendix A: Contact Details: Key contact persons for each party for various aspects of the agreement
7. Appendix B: Service Levels: If applicable, service levels related to the shared costs or activities
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