The Proof of Concept Agreement is essential when organizations wish to validate a technology solution's feasibility before full implementation. This agreement, governed by Singapore law, provides a structured framework for conducting controlled trials while protecting both parties' interests. It typically includes detailed specifications of the concept to be proven, success criteria, resource commitments, and intellectual property provisions. The agreement ensures compliance with Singapore's regulatory requirements while managing risks associated with testing new technologies.
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Key Requirements PROMPT example:
Proof Of Concept Agreement
"I need a Proof of Concept Agreement for testing our new AI-powered financial analytics software with a major bank in Singapore, starting March 2025, with strict data protection provisions and clear success metrics for potential full deployment."
1. Parties: Identification of contracting parties with full legal names and addresses
2. Background: Context of the POC, objectives, and general purpose of the agreement
3. Definitions: Key terms used throughout the agreement
4. Scope of POC: Detailed description of what will be tested/proven, success criteria, and deliverables
5. Duration: Timeline for the POC, including start and end dates
6. Intellectual Property Rights: Ownership and usage rights of pre-existing and newly created IP
7. Confidentiality: Protection of confidential information exchanged during the POC
8. Termination: Conditions for early termination and consequences
1. Payment Terms: Financial arrangements and payment terms for the POC if not provided free of charge
2. Data Protection: PDPA compliance provisions for handling personal data during the POC
3. Resource Commitments: Specific commitments regarding personnel, equipment, or facilities to be provided by each party
4. Third Party Rights: Provisions governing the rights of third parties under the agreement
1. Technical Specifications: Detailed technical requirements and specifications for the POC
2. Success Criteria: Detailed metrics and benchmarks for evaluating POC success
3. Project Timeline: Detailed timeline with milestones and deliverables
4. Data Processing Agreement: Detailed terms of data handling and processing if personal data is involved
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