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Businesses thrive on innovation and many companies and individuals come up with new product ideas all the time, but many companies don't have the expertise or the resources to develop innovative ideas by themselves. To develop those ideas properly, businesses may need to partner with a research and development company or specialist in order to bring their ideas to life. Often referred to as a "cooperative," the relationship between the person originating the idea and the people who develop the idea can yield benefits for both sides. However, as in any business relationship, it's important to have a contract's safeguards and protections. A LegalZoom Research and Development Agreement provides everything you'll need to lay the foundation for the creation of an innovative, new product, though both parties should continue to discuss the terms of the agreement, settling questions about work parameters, payment, and responsibilities. Once you reach an agreement, both parties will be free to focus on its area of expertise: the company on its business and the developer on product creation.
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