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Contract Between Business Partners

oboloo Glossary

Contract Between Business Partners

A contract between business partners is a written agreement that outlines the rights and duties of both parties in a business venture. It can be used to define the relationship between two individuals who are conducting business together, or it may be applied to multiple entities forming a partnership. The purpose of this contract is to ensure that all partners understand their specific obligations and how profits will be divided among them. By clearly defining roles and expectations upfront, the contract can help to minimize misunderstandings and to protect each party from any potential business liability. Additionally, a contract between business partners can include clauses regarding confidentiality, ownership of intellectual property, use of funds, termination under certain conditions, dispute resolution methods, and more.

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