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Product Development Agreement
"I need a Product Development Agreement for my software company to engage a development firm in Singapore to create a new AI-powered analytics platform, with specific provisions for source code ownership and milestone-based payments starting March 2025."
1. Parties: Identification and details of contracting parties
2. Background: Context of the agreement and brief description of what each party brings to the relationship
3. Definitions: Key terms used throughout the agreement
4. Scope of Development: Detailed description of the product to be developed and specifications
5. Development Process: Methodology, phases, and timelines for development
6. Intellectual Property Rights: Ownership and licensing of pre-existing and newly created IP
7. Payment Terms: Fee structure, payment schedule, and related conditions
8. Acceptance Testing: Testing procedures and acceptance criteria
9. Confidentiality: Protection of confidential information and trade secrets
10. Term and Termination: Duration and conditions for termination
1. Change Management: Process for handling change requests during product development
2. Source Code Escrow: Provisions for source code protection and escrow arrangements
3. Training and Support: Post-development training and support obligations
4. Data Protection: PDPA compliance provisions and data handling requirements
5. Insurance: Insurance requirements and coverage specifications
1. Schedule 1 - Product Specifications: Detailed technical specifications and requirements
2. Schedule 2 - Development Timeline: Detailed project timeline with milestones
3. Schedule 3 - Acceptance Test Plan: Detailed testing procedures and acceptance criteria
4. Schedule 4 - Fee Schedule: Detailed breakdown of fees and payment milestones
5. Schedule 5 - Service Level Agreement: Performance metrics and service levels
6. Schedule 6 - Third-Party Licenses: List of third-party components and associated licenses
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