A process development agreement is an agreement which is entered into by two individuals or parties regarding the setting up or completion of a process of development for a certain period of time. This can be both a governmental deal and a non-governmental deal.The document is a legally binding one and care should be taken to understand the terms and conditions well before actually signing the document. The two parties usually agree to work towards a common goal, and they pool in their resources and other advantages in order to realize that goal and make it possible.
The process development agreement must clearly mention the time period of the agreement, the specific details of the two parties involved, issues of matter and money and so on. Clarity and transparency are the buzzwords and the document must not compromise on this issue at all. A process development agreement has to be drafted and signed by legal experts for it to be effective.
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