A research contract is an agreement between two parties where one hires the other to do research on a particular topic for a specific purpose in return for which it pays an amount to the researcher. There are many companies which need to do research in order to understand the needs and preferences of the consumers before they launch any product or fix a price. They may enter this contract with another firm which specializes in studying and quantifying the consumer habits or performance of rival companies. Such research is very crucial in building business strategies.
Research contract is a legal contract can also be entered by other organizations like pharmaceutical firms who make these contracts with researchers who analyze and experiment with various types of drugs and treatments. Research is a very important step in the creation of medicines which will eventually be released in the market. The research contract must include the names and details of the parties involved and the purpose of the research.
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