The Business Development Contract serves as a crucial legal framework for companies operating in Singapore seeking to expand their business through professional business development services. This document is essential when engaging external expertise for market expansion, client acquisition, or strategic partnership development. It addresses key aspects such as service scope, performance metrics, compensation structures, and protection of confidential information, all while adhering to Singapore's legal requirements. The contract type is particularly relevant for businesses looking to establish clear, enforceable terms for their business development initiatives while maintaining compliance with Singapore's regulatory environment.
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Key Requirements PROMPT example:
Business Development Contract
"Need a Business Development Contract for engaging a consultant to help expand our Singapore-based fintech company into Malaysia and Indonesia, with a success-fee structure and quarterly performance reviews starting from March 2025."
1. Parties: Identification and details of the contracting parties
2. Background/Recitals: Context and purpose of the business development arrangement
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of business development activities and deliverables
5. Term and Termination: Duration of the agreement and termination provisions
6. Compensation: Payment terms, fees, and commission structures
7. Obligations of Parties: Specific responsibilities of each party
8. Confidentiality: Protection of confidential information and trade secrets
9. Governing Law: Specification of Singapore law as governing law
1. Non-Competition: Restrictions on competitive activities (include when protecting market position is crucial)
2. Intellectual Property Rights: Ownership and usage of IP (include when IP is created or shared during business development)
3. Force Majeure: Provisions for unforeseen circumstances (recommended for longer-term contracts or high-value agreements)
4. Data Protection: PDPA compliance provisions (required when personal data processing is involved)
5. Insurance: Insurance requirements (include for high-risk activities or large-scale projects)
1. Service Level Agreement: Detailed performance metrics and standards
2. Commission Structure: Detailed breakdown of commission calculations and payments
3. Territory Schedule: Definition of geographical areas covered
4. Target Customers: List of potential customers or market segments
5. Reporting Ƶ: Standard formats for activity and performance reporting
6. Contact Details: Key personnel and communication protocols
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