[Your Company Logo]
CONTRACTUAL AGREEMENT
This Contractual Agreement (hereinafter referred to as the “Agreement”) is entered into by and between VR Technology Services (hereinafter referred to as the “Company”), with its principal place of business at [Company Address], and [Client Name] (hereinafter referred to as the “Client”), with their contact details mentioned below:
Client Name: [Client Name] Client Address: [Client Address] Contact Number: [Client Contact Number] Email Address: [Client Email Address]
- PROJECT DESCRIPTION
1.1 Scope of Work: The Company agrees to provide VR technology services as described and agreed upon in the project proposal or statement of work (SOW) provided to the Client.
1.2 Project Timeline: The project timeline, including milestones and deliverables, will be mutually agreed upon by both parties and documented in a separate project schedule or timeline document.
- PAYMENT TERMS
2.1 Payment Schedule: The Client agrees to make the following payments to the Company:
- Advance Payment: [Percentage]% of the total project cost is to be paid by the Client upon the signing of this Agreement as a non-refundable advance payment. The advance payment will be applied towards the total project cost.
- Milestone Payments: The remaining project cost shall be divided into specific milestones, as outlined in the project schedule, with corresponding payment percentages for each milestone. The Client agrees to make the payments within [number of days] days upon completion of each milestone.
2.2 Payment Method: The Client shall make all payments via [Payment Method], such as bank transfer or electronic payment, to the Company’s designated account, details of which will be provided separately.
2.3 Late Payment: In the event of a late payment by the Client, the Company reserves the right to suspend or delay project activities until the outstanding payment is received. Late payments may also incur additional charges or interest as per applicable laws or regulations.
- OWNERSHIP AND INTELLECTUAL PROPERTY
3.1 Ownership: The Client acknowledges and agrees that all intellectual property rights, including but not limited to copyrights, patents, trademarks, and trade secrets, related to the VR technology services provided by the Company shall remain the sole property of the Company.
3.2 License: Upon full payment and completion of the project, the Company grants the Client a non-exclusive, non-transferable license to use the deliverables or final project solely for the Client’s internal or specified purposes outlined in the project scope.
- CONFIDENTIALITY
4.1 Non-Disclosure: Both parties agree to keep all information shared during the course of this project, including but not limited to trade secrets, proprietary information, and project-related data, confidential and not disclose it to any third party without prior written consent, except as required by law.
- TERMINATION
5.1 Termination for Convenience: Either party may terminate this Agreement at any time by providing written notice to the other party. In the event of termination for convenience, the Client shall pay for all work completed up to the termination date.
5.2 Termination for Breach: Either party may terminate this Agreement in the event of a material breach by the other party. The terminating party shall provide written notice specifying the breach, and the breaching party shall have a reasonable opportunity to cure the breach within [number of days] days. If the breach is not remedied within the specified timeframe, the Agreement may be terminated.
- DISCLAIMER OF LIABILITY
6.1 Limitation of Liability: The Company shall not be held liable for any direct, indirect, incidental, consequential, or special damages arising from the use or inability to use the VR technology services provided under this Agreement, including but not limited to loss of profits, data, or business interruption.
- GOVERNING LAW AND JURISDICTION
7.1 Governing Law: This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction]. Any disputes arising out of or relating to this Agreement shall be subject to the exclusive jurisdiction of the courts of [Jurisdiction].
IN WITNESS WHEREOF, the parties hereto have executed this Contractual Agreement as of the date first written above.
VR Technology Services [Authorized Signatory]
[Client Name] [Authorized Signatory]
