The Preliminary Partnership Agreement is a crucial document used in Australian business practice when two or more parties are considering entering into a formal business partnership but wish to establish clear terms for their preliminary relationship. This document is particularly valuable during the due diligence and evaluation phase, providing a structured framework for information sharing, confidentiality, and initial business planning while protecting all parties' interests. It includes provisions for initial contributions, decision-making processes, and conditions for progressing to a full partnership agreement. The document is governed by Australian partnership law and contract law principles, ensuring compliance with local legal requirements while maintaining flexibility for various business contexts. A Preliminary Partnership Agreement is especially useful for complex partnerships, joint ventures, or when significant assets or intellectual property are involved in the proposed partnership.
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1. Parties: Identification and details of all potential partners entering into the preliminary agreement
2. Background: Context of the proposed partnership, including the business purpose and reasons for entering into the preliminary agreement
3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty
4. Purpose and Scope: Outline of the intended business activities and scope of the proposed partnership
5. Duration: Term of the preliminary agreement and conditions for conversion to a full partnership agreement
6. Confidentiality: Obligations regarding confidential information shared during the preliminary period
7. Due Diligence: Framework for information sharing and evaluation process
8. Initial Contributions: Proposed or agreed initial capital contributions or assets to be contributed by each party
9. Decision Making: Process for making decisions during the preliminary period
10. Costs and Expenses: Allocation of costs incurred during the preliminary period
11. Termination: Circumstances and process for terminating the preliminary agreement
12. Governing Law: Specification of Australian law as governing law and jurisdiction
1. Non-Competition: Restrictions on competing activities during and after the preliminary period, used when parties are potential competitors
2. Intellectual Property: Ownership and usage rights of IP during the preliminary period, included when IP is a significant aspect of the proposed business
3. External Funding: Terms regarding seeking and securing external funding, included when external financing is contemplated
4. Key Personnel: Identification of key individuals and their roles, used when specific expertise or personnel are crucial to the partnership
5. Regulatory Compliance: Specific regulatory requirements and compliance obligations, included for regulated industries
6. Dispute Resolution: Detailed dispute resolution procedures, included when parties want specific resolution mechanisms
7. Insurance: Insurance requirements during the preliminary period, included when significant risks need to be covered
1. Schedule 1 - Business Plan: Preliminary business plan outlining proposed operations and objectives
2. Schedule 2 - Initial Capital Contributions: Detailed breakdown of proposed capital contributions from each party
3. Schedule 3 - Due Diligence Requirements: List of required documentation and information for due diligence
4. Schedule 4 - Proposed Partnership Structure: Organizational chart and management structure of the proposed partnership
5. Schedule 5 - Key Milestones: Timeline of key dates and milestones for establishing the full partnership
6. Appendix A - Confidentiality Terms: Detailed confidentiality obligations and procedures
7. Appendix B - Required Regulatory Approvals: List of necessary regulatory approvals and licenses
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