A principle business cooperation agreement is formed between two individuals or groups whereby each group pools in its resources so that a lot more is achieved than would normally have been. This is a legal agreement and the violation of any terms and conditions contained in it will lead to legal ramifications. The principle business cooperation agreement also contains details of profit sharing and the responsibility of losses that might be incurred.
The document must be drafted by a legal expert who is aware of the nuances that such a document must incorporate. In other words, the document must be framed by an expert, and all the necessary clauses must be incorporated within it. Mutual goals, use of technology and so on are always part of the principle business cooperation agreement and this ensures that there is complete transparency and clarity in the document itself. Care should be taken to read it carefully before signing it.
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