No human being can survive on a lone island. He or she may have the basic needs but without the presence of another human being, loneliness can consume the entire purpose of living. Without a way to express one’s emotions, it is difficult to face new challenges and find a reason to survive every day. Indeed, no human being is an island. Similarly, a business cannot grow on its own. Even if you have the money to start a business, you need manpower to provide service, accountant to keep track of sales and an overall manager to foresee the operaions. More so, you need a partnership agreement with other brands and establishments to help you succeed in an ever competitive marketplace.
FREE 30+ Partnership Agreement Forms in PDF | MS Word
1. Individual Partnership Agreement Form
2. Partnership Agreement Form Sample
3. Business Partnership Agreement Form
4. General Partnership Agreement Form
5. Partnership Agreement Checklist Form
6. Office Partnership Agreement Form
7. Media Partnership Agreement Form
8. Limited Partnership Agreement Form
9. Simple Partnership Agreement Form
10. Community Partnership Agreement Form
11. School Community Partnership Agreement Form
12. Poultry Partnership Agreement Form
13. Partnership Agreement Short Form
14. Domestic Partnership Agreement Form
15. Small Business Partnership Agreement Form
16. Trading Partnership Agreement Form
17. Partnership Scholarship Agreement Form
18. Partnership Account Agreement Form
19. Personal Partnership Agreement Form
20. Partnership Activity Agreement Form
21. Church Partnership Agreement Form
22. Partnership Program Agreement Form
23. Mentoring Partnership Agreement Form
24. Model Partnership Agreement Form
25. Non Equity Partnership Agreement Form
26. Club Partnership Agreement Form
27. Duration Partnership Agreement Form
28. Partnership Buyout Agreement Form
29. Official Partnership Agreement Form
30. Standard Partnership Agreement Form
31. School Partnership Agreement Form
What Is a Partnership Agreement Form?
Once a business reaches a good reputation in the marketplace, the ensuing struggle would be keeping up with the competition. Conceptualizing a startup business is challenging to achieve because of risk factors involving money. Most likely, the capital you used to attempt at building your own business was from a loan application you dealt with a bank company. After passing through that stage, maintaining equilibrium and steady exposure in the marketplace is necessary to keep the operation running. Perhaps, one of the most effective ways to achieve this in a pool of competitors is to look for partnerships that can help uplift your goals. At the same time, you are fulfilling the purposes of your business partners. By doing so, you eliminate the number of competitors that may put your business operation at risk.
Moreover, a partnership agreement form is a formal document stipulating the conditions between two parties on a particular event or activity. It is not limited to companies. Academic institutions, religious organizations, and the media can also create relationships with sponsors. In this way, financing a planned event becomes easier because organizers know that sponsors are willing to lend a hand. Most community service activities were possible with an agreement between the organizers and the sponsors.
Advantages of Using Partnership Agreement Forms
Businesses grow not only from the income they generate but also from the connections formed with business partners. A partnership can do wonders for your company. However, the other way around can happen to treacherous business partners. It is essential to have a keen eye on your business partners. The founder of SquadUP Inc., William Litvack, wrote an article in Entrepreneur Asia Pacific, and he summarized the importance of partnerships in three concepts: credibility, press release, and revenue.
Opportunity for Money Growth
Because of partnerships, there is a higher chance of boosting your company’s revenue. Also, you get the chance to learn something new with your partner establishment’s creative strategies to generate income. Of course, not all business partners give you this ability, which explains why there is a need to choose wisely. If you are a startup business, try to capture the attention of big companies as partners so that their popularity can elevate your status.
The general audience becomes thrilled upon hearing the news of partnership efforts. If your business partner has a good reputation in terms of public relations, then you are in good hands. Most of the time, people would not bother asking about your experience in the marketplace. Instead, the partnership with a prominent brand or company gives the people a hopeful note that better products and quality of service is in the making.
Increase Credibility Status
Similar to how a partnership can increase exposure, it can also improve the overall credibility status of your company. Having a definite appeal to your customers can make them trust more and possibly, recommend your products and services to their close peers. The power of recommendation boosts your sales, too.
Partnership and Agreement: A Success Story
Customers may not see it, but most popular businesses and brands utilize partnership agreements to increase audience reach and product sales. Significant events during festivals gather prominent sponsors to achieve the budget expenses of the preparation of venue and materials down to talent fees of guests and volunteers. In the previous section, there is a discussion about the advantages of a partnership agreement form. In this section, an introduction of the co-branding marketing strategy and how partnerships made this happen are two primary components of a success story in the business industry.
The following list consists of famous brands in different industries, but they were able to come up with a partnership agreement of a product outside their field. These three partners utilized the concept of co-branding such that their partners would add a small element of their partner’s products. In this way, the two brands can both celebrate together if ever they come up with an effective advertising strategy for their products.
Sports Energy Drink + Portable Camera
You probably would grab a can of Redbull after a tiring day doing physical activities. If you love adventures, owning a GoPro is a must requirement to capture every thrilling moment. Although these two brands may be far apart from each other, they share similar goals in advocating a healthy and active lifestyle. You may have notice sports events sponsored by GoPro and Redbull made possible by co-branding and partnership agreements.
Carbonated Drink + Lip Balm
If you are fond of makeup, then Bonne Bell may ring a bell to you. It is a cosmetics company that pioneered a flavored lip balm in the world. When the famous flavor of the carbonated drink Dr. Pepper combined with Bonne Bell’s lip balm, a one-of-a-kind lip balm stunned the country with its exceptional character. Tasting your favorite carbonated drink by applying lip balm was one of the most unusual partnerships in history.
Luxury Fashion Provider + Multinational Company
If you have a few luxury taste buds, the Louis Vuitton and BMW partnership sounds like good news. The two brands may not have similarities at first glance, but if you take a closer look, both companies advocate an innovative travel lifestyle paired with creativity that you can flaunt.
How To Create a Partnership Agreement Form
Similar to how you market a brand, you need to relay to your respective business partners properly the intention of a partnership agreement. Pretty much, these business partners should understand the benefits they gain if ever they will sign the document. A healthy business partnership showcases the concept of mutualism rather than parasitism. Indeed, convincing power is a must to create a bond through a partnership agreement form. If you feel skeptical in your persuasion and organizational skills, here are six steps that will guide you through creating the best partnership agreement for your soon to be business partners:
Step 1: Introduce About Yourself, Company or Organization
Whether a startup business or not, it is possible to make a partnership with more prominent companies. As long as there is an alignment of objectives between the two parties, a partnership agreement becomes a reality. In the document, you must construct a formal introduction about the company or organization. Also, you can add a short description of the specific target goals the company wants to achieve. Make sure not to misspell any word in this document because it can be vital evidence if there is a case in court.
Step 2: Explain Elaborately the Purpose of a Partnership
After providing an introduction, an elaborate explanation of the importance of the partnership should be in a separate section. Try to use compelling words to encourage the other party to join forces for a common goal. Henry Ford, the famous American industrialist, and Ford Motor Company founder, once said: “Coming together is a beginning, staying together is progress, and working together is [a] success.” However, do not over advertise it to the point that it would sound unrealistic already.
Step 3: State the Name of the Other Party
In this document, there should be a section wherein you can mention the name of the other party. You can leave a good impression on other parties, state the nature of the business, the brand’s tagline, or the general category where the company belongs. Also, to avoid repetition in editing the document. Make sure to check the spelling. If possible, you should avoid errors in spelling in an agreement form.
Step 4: List the Benefits of Becoming Partners Under the Condition of the Agreement
A partnership is a give-and-take process. In general, the two parties benefit from each other, just like a romantic relationship. There must be a comprehensive list of benefits and terms and conditions indicated in the agreement. Yes, there are possibilities that an amendment of the statements written in this section happens. A pro tip, bring a dictionary with you while writing this section.
It is also a good practice if you indicate the conditions that may invalidate the agreement. Especially with business partnerships, there is a higher chance of breaking this agreement when financial constraints come into play. As a safety measure, the stated conditions should address the possible occurrence of withdrawal from the agreement. If you avoid this from happening, you can say the specific time frame wherein withdrawal from the deal in any form is a violation and subject to legal action.
Step 5: Include a Section for Affixing Signatures
The validation of an agreement happens when there are affixed signatures at the end of the document. Even a partnership agreement form is not a valid formal document if the evaluators cannot see the trademarks of the two parties. Although some people may have a scribbled-like signature, it is a powerful tool that dictates the future of an agreement form.
Step 6: Print the Document and Send Copies
The formal document does not need an aesthetic appeal to encourage a prospective business partner to sign an agreement. Ensure that the arrangement of the elements is clean and organized. Also, double-check the sentences and grammatical structure of each statement. Nothing can go wrong with a well-written document. Although it may not fully persuade a business partner to agree with your terms, leaving a good impression through practicing professionalism can make a long-lasting impact.
Conquering your fears is just like making connections in business. Yes, it takes effort to negotiate with the terms, the conditions, and the benefits that you both share. Despite the challenge, it is a worthy endeavor to expose your brand to a bigger audience. Also, if fortunate, you gain a business partner that can mentor you on how to improve different aspects of your business operation. Two minds work better than a single person brainstorming all corners of the cube.
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