A drug development agreement is a formally drafted agreement made by and between two parties, one of which is the company and the other is the drug developer. These agreements are made when the company makes a pact with a drug developer to develop a certain drug in return for a specified amount of money. These agreements can be made for a fixed period of time in which the drug developer has to make multiple number of drugs for the company.
This agreement consists of the date of commencement, termination and the personal details of the involved parties such as their names, business names, addresses and phone numbers. These agreements also consist of certain legally binding terms and conditions which are quite detailed and hold a lot of importance as they govern the workings of the parties during the period of agreement. Any drug development agreement is quite a common type of an agreement.