What are Teaming Agreements?
A teaming agreement, also sometimes referred to as a teaming arrangement, is a deal between two or more parties that allows them to make a joint bind on a contract. This type of agreement is most often used by contractors that are seeking a large government contract; through, a teaming agreement or joint venture agreement could certainly be used in the private sector as well. Above all else, it is a tool that can sometimes be used to advance the best interests of your business. In this post, our experienced West Palm Beach commercial law attorneys explain some of the basics of teaming agreements.
What Should Be Included in a Teaming Agreement
Ultimately, a well-crafted teaming agreement should serve several different important business and legal functions. First and foremost, this agreement should be able to be a tool that can be used to help your business get organized and win the bid for a contract. A good teaming agreement can help small and mid-sized companies compete with much larger businesses. Additionally, but just as important, a proper teaming agreement must always protect the legal rights and financial interests of your business. A teaming agreement should be clear, it should be legally enforceable and it should have the terms that your business needs to thrive, so that your company gets a good and fair deal. To ensure that this occurs, the following issues should always be addressed, in detail, in your teaming agreement:
- The precise nature and scope of the work your company is to perform;
- The performance standards that your business will be held to;
- The terms for acceptance or rejection of your work;
- The schedule on which work is to be completed, including the time and place for performance;
- The terms for payment for all parties; and
- The processes for dispute resolution.
What Services Does a Teaming Agreement Attorney Offer?
Our firm offers a full array of contract law and business law services to assist companies that are considering making a joint bid on a contract in the state of Florida. Indeed, if your firm is considering entering into a teaming agreement, whether it is to seek a federal government contract, a Florida state government contract, a county or city contract, or a private contract, we can help. More specifically, our teaming agreement services include all of the following:
- Expert contract drafting;
- Experienced contract negotiation;
- Thorough contract review;
- Assessment of the viability of teaming agreement vs joint venture contracts;
- Help in preventing disputes through due diligence;
- Extensive knowledge of legal regulations; and
- Contract litigation services.
Contact Our Business Law Attorneys Today
At Pike & Lustig, LLP, we have extensive experience drafting, negotiating and reviewing highly complex contracts, including teaming agreement and joint venture contracts. If your company is in need of assistance with a teaming agreement, please do not hesitate to contact us today to request a free review of your case. From our offices in West Palm Beach, Wellington and Miami, we serve businesses throughout South Florida, including in Hialeah, Fort Lauderdale and Miramar.
