When businesses work together on a project or create a joint venture, they need to create a strategic alliance agreement to solidify and outline the terms of the agreement. These contracts can be complex and include a variety of partnership aspects such as project management and insurance coverage.

Often, businesses come together to share knowledge and resources for faster growth. Coming together on a project can create a competitive advantage for the businesses. These agreements are often used for the sharing of products, distribution channels, manufacturing capability, project funding, capital equipment, knowledge, or intellectual property.

While these alliances can be beneficial, it is important each company has an understanding of the agreement, and what their responsibilities will be. That’s why creating a formal strategic alliance agreement, with the help of a corporate business attorney, is a good choice for both sides.

InnovaCounsel attorneys have experience in helping businesses to form strategic alliances to expand and grow. They can create an agreement that benefits both parties and clearly outlines all responsibilities and goals.