What is the name of your state (only U.S. law)? Virginia
Situation: A software developer company wants to subcontract a portion of the design and implementation to me. However they are not able to offer me a fixed sum and instead want to set up profit sharing. Meanwhile they have a profit sharing agreement with the original customer, who would hold the rights to the product. Such an agreement effectively results in two levels of profit sharing.
I foresee some complexities with two levels of expense reporting and approval.
Question: Is this type of agreement possible, legally enforceable and what language should such agreement contain? If that is not possible, should I be having the profit sharing agreement directly with the customer who will be the rights holder?
Thank you.
Situation: A software developer company wants to subcontract a portion of the design and implementation to me. However they are not able to offer me a fixed sum and instead want to set up profit sharing. Meanwhile they have a profit sharing agreement with the original customer, who would hold the rights to the product. Such an agreement effectively results in two levels of profit sharing.
I foresee some complexities with two levels of expense reporting and approval.
Question: Is this type of agreement possible, legally enforceable and what language should such agreement contain? If that is not possible, should I be having the profit sharing agreement directly with the customer who will be the rights holder?
Thank you.
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