Business Bucket Template

Business Bucket Agreement

This Business Bucket Agreement (the "Agreement") is entered into as of Month Day Year by and between:

Client Name:

Client Address:

Service Provider Name:

Service Provider Address:

WHEREAS

WHEREAS, Client maintains a dedicated allocation of funds, tasks, and deliverables (the "Business Bucket") to be applied toward defined business activities and projects; and

WHEREAS, Service Provider has the expertise and resources to perform services, manage deliverables, and allocate expenditures from the Business Bucket in accordance with the directions of the Client; and

WHEREAS, the parties desire to set forth the terms and conditions under which the Business Bucket will be administered, funded, expended, and governed.

Scope of Work

The Service Provider shall perform and/or coordinate the services and tasks funded by the Business Bucket as described below. The Service Provider shall act in good faith to allocate funds from the Business Bucket only to those goods, services, and third-party expenditures authorized by the Client and in furtherance of the objectives set forth in this Agreement.

Business Bucket Funding and Payment Terms

Bucket Funding Amount:

Late Payment Fee: . If any payment due to Service Provider is not paid within 30 days of invoice, interest shall accrue at the rate stated above and Service Provider may suspend non-critical services after 14 days' written notice.

Term and Termination

Term Commencement Date: Month Day Year

Term Expiration Date: Month Day Year

Either party may terminate this Agreement for convenience upon written notice to the other party at least days prior to the intended termination date. Either party may terminate for material breach if the breaching party fails to cure within 30 days of written notice specifying the breach. Termination shall not relieve Client of its obligation to pay for authorized expenditures incurred prior to the effective date of termination.

Confidentiality

Each party shall keep confidential all non-public information disclosed by the other party that is designated as confidential or that reasonably should be understood to be confidential given the nature of the information and the circumstances of disclosure ("Confidential Information"). Confidential Information does not include information that: (a) is or becomes generally available to the public other than through a breach of this Agreement; (b) was lawfully in the receiving party's possession prior to disclosure by the disclosing party; (c) is rightfully received from a third party without restriction; or (d) is independently developed without use of the disclosing party's Confidential Information.

The receiving party shall (i) use Confidential Information solely to perform its obligations under this Agreement, (ii) restrict disclosure to employees, contractors, and advisors who have a need to know and who are bound by no less protective confidentiality obligations, and (iii) take commercially reasonable measures to protect Confidential Information from unauthorized disclosure. Confidentiality obligations shall survive termination of this Agreement for a period of five (5) years, except that trade secrets shall be protected for as long as they qualify for protection under applicable law.

Governing Law; Dispute Resolution

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to its conflicts of law principles. The parties shall first attempt to resolve disputes in good faith through senior executive negotiation for a period of thirty (30) days. If unresolved, either party may pursue any available legal or equitable remedies in the courts of the state specified above.

Allocation, Records and Audit

Service Provider shall maintain complete and accurate records of expenditures, invoices, receipts, and allocations from the Business Bucket for a period of at least three (3) years. Client shall have the right, upon reasonable notice and during normal business hours, to audit such records no more than once per fiscal year, at Client's expense unless the audit reveals material noncompliance, in which case Service Provider shall reimburse Client for reasonable audit costs.

Representations, Indemnification and Limitation of Liability

Each party represents and warrants that it has the authority to enter into this Agreement. Service Provider shall indemnify and hold Client harmless from third-party claims arising from Service Provider's negligent performance or willful misconduct in connection with the Business Bucket, except to the extent such claims result from Client's direction or breach of this Agreement. EXCEPT FOR INDEMNIFICATION OBLIGATIONS AND WILLFUL MISCONDUCT, NEITHER PARTY SHALL BE LIABLE FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES ARISING OUT OF THIS AGREEMENT.

Entire Agreement

This Agreement, including any exhibits, schedules, or statements of work incorporated by reference, constitutes the entire agreement between the parties with respect to the Business Bucket and supersedes all prior and contemporaneous agreements, proposals, communications and representations, whether written or oral, relating to the subject matter hereof. Any amendment to this Agreement must be in writing and signed by authorized representatives of both parties.

Miscellaneous

Neither party may assign this Agreement without the prior written consent of the other party, except to a successor by merger or acquisition that assumes the assigning party's obligations hereunder. Notices required under this Agreement shall be in writing and delivered to the addresses set forth above or to such other address as a party designates by written notice.

Sign Now