Consortium Agreement Template

This consortium agreement ("Agreement") is effective as of [Document.CreatedDate] and takes place between:

Hereinafter, each party may be referred to as "Party" or "Parties" when referring to the Parties as a group.

Purpose of the Agreement

The purpose of this Agreement is to describe the relationship between the Parties who are agreeing to cooperate on (insert details of the Project) ("Project"). The Agreement also outlines each Party's responsibilities and organizes the work's scope.

Duration

This Agreement begins on the effective date listed above and will be in effect until (date). The Agreement may be extended beyond this date with the express written consent of all Parties.

Project Management

The Parties agree that the Project will be managed by (insert name of the Project Manager) ("Project Manager"), who is a representative of (insert Party name). Each Party will also select one individual to represent the Party.

Responsibilities

The Project Manager will be responsible for ensuring the completion of the Project deliverables. They will be responsible for creating the Project timeline and monitoring progress toward the end goals. Additional responsibilities of the Project Manager include:

• Scheduling meetings and notifying all Parties of these meetings

• Creating agendas for meetings

• Collecting and counting votes from Party representatives concerning Project decisions

• Setting deadlines based on the timeline of the Project and assigning tasks

• Notifying Parties about any concerns relating to Project progress

• Submitting progress and financial reports

• Solving problems that arise

• Evaluating the success of the Project

The Project will be managed financially by (insert name of Party) ("Financial Manager"). This Party will create and manage the budget. They will also allocate any income generated by the Project to distribute revenue evenly between the Parties. The Financial Manager is responsible for ensuring the Project follows applicable financial rules and restrictions, such as taxes.

Any press and PR for the Project will be managed by (insert name of Party) ("PR Manager"). This Party will release press releases for the Project and manage any publications.

Project Resources

The Financial Manager will receive the funding received for the consortium's Project. Following the budget, this Party will appropriately allocate funds to the Parties for the purpose of the Project.

Invoices for materials and deliverables related to the Project will be sent to the Project Manager. The Project Manager will manage the payment of these invoices using Project funds and use them to maintain financial records.

Responsibilities of the Parties

By signing this Agreement, each Party agrees to:

• Complete tasks assigned to them by the Project Manager to fulfill deadlines.

• Supply the Project Manager with any documents, intellectual property, facilities, or resources necessary to complete the Project.

• Maintain liability insurance and follow current industry rules and regulations.

• Provide representatives to attend Project-related meetings.

• Notify the Project Manager and other Parties about any potential delays to the Project.

• Ensure the accuracy of information supplied and issue prompt corrections and notifications if errors are identified.

• Refrain from issuing press releases or promoting the Project without consent from the PR Manager.

• Inform the other Parties and Project Manager about any communication related to the Project.

Confidentiality

The Parties agree to keep all communication related to the Project confidential, including both written and verbal communication. Any employees or subcontractors of the Parties will be informed about this confidentiality Agreement. Additionally, the Parties agree to not inform other personnel outside of each Party's employees and subcontractors about the information shared during the Project without the Parties' written consent.

The Parties agree that any information obtained through the process of the Project, including any information about the inner workings of the other Party, will not be used for personal benefit. Additionally, this information cannot be used to benefit a third party.

Intellectual Property

The Parties agree to share ownership of all the Project deliverables with royalty-free and non-exclusive access. The Party who created the material will hold ownership for materials not contained in a Project deliverable.

Addition or Removal of Parties

Additional parties may be added to the consortium with the unanimous agreement of the Parties. Any added parties must also become a part of this Agreement.

Parties may be removed from this Agreement for any breach of the Agreement. If a Party chooses to withdraw from the Agreement, they may do so with the unanimous agreement of the other Parties.

Termination of Agreement

This Agreement can be terminated prior to the closing date with the unanimous agreement of all Parties.

Signatures