An agricultural technology cooperation agreement is a contract between two business entities wherein one party agrees to cooperate with the other party in terms of providing technological know-how and techniques to enable the other party gain a substantial benefit in production from its agricultural activities.
Under this arrangement the first party who through its research and development activities has developed remarkable advanced technical know-how undertakes to aid the second party in commercially applying these techniques to increase agricultural production. An agricultural technology cooperation agreement should be drafted in consultation with a well experienced attorney and should consist of clauses such as the technological cooperation being discussed, the ultimate rights of the technology, the terms and conditions governing the use of technology, the time period for this cooperation agreement, the fees to be paid to the first party and the rights and legal remedies available to each party in case of any conflict or dispute.
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