Product Development Research Agreement Law & Legal Definition
A product development research agreement allows a consultant to do research and development on a product owned or created by a manufacturer. Research and development helps in improving an existing product or in developing a new product from an existing product or in developing a totally new product. The agreement enables the parties to understand their rights and obligations.
A product development research agreement helps the manufacturer in improving and developing its products. In a product development research agreement the manufacturer retains all the rights with regard to the product including those which were developed by the consultant as a result of the research and development process. It also protects the interests of the consultant. The consultant receives monetary compensation for the research and development services provided and in some cases royalties on future sales of the product so developed.
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