Once the funding for your Erasmus + project has been approved, the European Commission, or the national agency on behalf of the European Commission, will send you an official agreement, a contract that regulates the funding and the conditions regarding the costs of your project. Once you have signed this document it will be important to regulate an agreement also between the partners that means a partnership agreement or a bilateral agreement.
A Partnership Agreement is a contract between two or more Erasmus+ partners. The partners use the agreement to outline their rights responsibilities, and profit and loss distribution. The agreement also sets the general partnership rules, like withdrawals, capital contributions, and financial reporting.
A Partnership Agreement is valuable because it sets out each partner's rights and responsibilities. Further, it allows the partners to customize the law as it applies to their partnership.
The agreement lays out the responsibilities of each partner in the business, how much of the business each partner owns, and how much profit and loss each partner is responsible for. By signing this partnership agreement the partners agree on carrying out jointly the project in the frame of the Erasmus+ programme and the conditions set out by the project.
A good partnership agreement will detail the terms of ownership and the responsibilities of either partner. The more detailed the partnership agreement is at the beginning there will be less disagreements throughout the endeavour.
You can do so using free templates available online. It is advisable to contact a business lawyer or a partnership agreement lawyer to ensure that the agreement follows the federal, state and local laws.
Here are five clauses every partnership agreement should include:
- Capital contributions
- Duties as partners
- Sharing and assignment of profits and losses
- Acceptance of liabilities
- Dispute resolution.
The Partnership Agreement is to be signed between each partner organisation involved in the above mentioned project and the coordinating organisation. The legal representative of each Partner will sign the Partnership Agreement in two copies.
It attributes clear responsibilities to the partner and coordinating organisations and contains the corresponding division of the grant. The Partnership agreement is a key element to ensure a solid partnership among the undersigned for the specific project. The project partners display a joint commitment and agree on a clear division of responsibilities.
Further information regarding the Erasmus+ application process can be found in the following blogs:
Documents to Apply for Erasmus+ - a Step-by-Step Guide
Required Documents and Deadlines for Your Erasmus+ Application
Feel free to contact us if you have any questions.
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