I have explained to you what a contractor teaming agreement is and how it is used in an earlier post here. Now I want to provide a few tips on specific elements that you must have in your agreement. A CTA is a valid contract that is meant to define the duties that are to be performed during, and post the contract by the participating parties. It is imperative that the agreement is written in order to maintain consistency. Entering into an agreement prior to having it formally written is not in any of the parties best interest. Check out a few must haves in your CTA:
- Duties– Provide detailed specifics of each parties duties to be performed within the contract, this should also include which party will act as a prime.
- Exclusivity– describe if the parties are allowed to subcontract or are only able to work with the the partners that
are cited within the contract.
- Confidentiality– Cite protection of data and confidentiality rights. Rules of how all personal documentation will be maintained during and after completion of the contract is important.
- Termination– Include the terms of terminating the agreement, for example when it ends,and begins, as well as rules and specifics on any violations of the contract.
- Compensation– What each party is favorably expected to be compensated and any dates agreed upon to do so. Each formal agreement differs and should be arranged accordingly seeking legal representation may be required.
These are few helpful hints of what to include in your CTA, you should also consult an attorney in order to compose a more defined agreement that can provide you and your business protection should anything go wrong in the long run.
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