This Cost Sharing Agreement template is designed for use under Hong Kong law when two or more entities wish to formalize arrangements for sharing costs related to specific activities, services, or resources. It is particularly valuable for corporate groups, joint ventures, and strategic partnerships seeking to optimize resource utilization and achieve cost efficiencies. The document addresses key aspects such as cost identification, allocation methodologies, payment procedures, and governance mechanisms, while ensuring compliance with Hong Kong's regulatory requirements, including relevant tax, company law, and competition law considerations. This agreement is commonly used in shared service arrangements, group procurement initiatives, research and development collaborations, and other scenarios where multiple parties contribute to common costs.
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1. Parties: Identification of all parties to the agreement, including registered addresses and company details
2. Background: Context of the arrangement, relationship between parties, and purpose of the cost sharing agreement
3. Definitions: Definitions of key terms used throughout the agreement, including types of costs, calculation periods, and specific terminology
4. Scope of Cost Sharing: Details of which costs are to be shared and the general principles of the arrangement
5. Cost Allocation Method: The agreed methodology for calculating and allocating costs between parties
6. Payment Terms: Timeline and method for payments, including invoicing procedures and payment deadlines
7. Record Keeping and Audit Rights: Requirements for maintaining cost records and rights of parties to audit shared costs
8. Confidentiality: Obligations regarding confidential information shared during the cost sharing arrangement
9. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
10. Dispute Resolution: Process for resolving disagreements about cost allocation or other aspects of the agreement
11. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction for disputes
1. Service Levels: Include when the cost sharing relates to specific service standards that must be maintained
2. Intellectual Property Rights: Include when shared costs involve development or use of intellectual property
3. Employee Sharing: Include when costs involve shared employees or contractors
4. Insurance Requirements: Include when parties need to maintain specific insurance coverage for shared activities
5. Force Majeure: Include when parties want protection from unforeseen events affecting cost sharing obligations
6. Tax Provisions: Include when specific tax treatment or allocation needs to be addressed
7. Change Control: Include when formal procedures for changing cost allocation methods are needed
8. Third Party Rights: Include when third parties might have rights under the agreement
1. Schedule of Shared Costs: Detailed list of all costs to be shared under the agreement
2. Cost Allocation Methodology: Detailed formulas and examples of how costs will be calculated and allocated
3. Payment Procedures: Detailed procedures for invoicing, payment timing, and payment methods
4. Service Specifications: Details of services or activities covered by the cost sharing arrangement
5. Key Personnel: List of key contacts responsible for cost sharing administration
6. Reporting Templates: Standard formats for cost reporting and reconciliation
7. Audit Procedures: Detailed procedures for conducting cost audits
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