Before entering into a private label agreement lets first understand what a private label means. A private label is a product or service that is specifically produced or made available by one company for offer under another company’s trademark.
As for example, credit cards, these are offered by different bank brands with their labels on, but these cards are all powered by some other source, e.g., VISA, MASTER, etc., and any agreement between the above parties is known as a Private Label Agreement.
Here is preview of this Private Label Agreement created using MS Word,
Terms and Conditions of Private Label Agreement
A private label agreement serves as a legal contract, so it should cover the following essential points:
- Complete name of parties getting into the agreement all in capital letters to fully highlight the names of the parties involved.
- Complete address of the parties getting into agreement all in capital letters to fully highlight the address of the parties involved.
- The date on which both the parties have decided to get into this agreement should be in the beginning of the agreement.
- Getting the label approved.
- Should hold a clause regarding handling of confidential information.
- Have a clause holding detailed information regarding protection against damage or loss.
- A clause governing negotiations.
- The private label agreement should also contain a clause explaining in great detail how the contract can be changed according to the timely needs or terminated.
- A clause explaining complete terms and conditions.
- A clause explaining what/when this agreement would stand void/terminated.
- The governing laws of the state.
- The agreement should explain in detail the mutual obligations and duties, and the mutually expected goal to be achieved.
- A clause should be added-in that would explain the amount and timing of the payment, if any type of funding is involved.
- This agreement should also mention the time period of its effectiveness.
- In the end, the agreement is to hold the official signatures and/or stamp of the parties involved in the agreement to make the contract official by law.
- When the signatures are done, all parties involved should be forwarded original signed copies of this agreement for their record.
Common Flaws in a Private Label Agreement
- Why and Wherefore Clause. It is necessary to conclude this portion of an agreement.
- Terms and Conditions. All terms and conditions are to be clearly defined to avoid any misunderstanding.
- Identification of Parties. Every party involved in the agreement is to put their official titles next to their signatures.
- Official Signature to Changes. Any change, whether it is whited-out, in written, or appended on a separate sheet of paper, must be signed by authorized personal of parties involved.
- Attachments. Always mark and identify auxiliary provisions.
Tips for a Private Label Agreement for Completion
- Keep the language of the agreement simple, and to the point.
- Always use positive words and language in an agreement.
- In order to avoid confusion things should be very specific among the parties.
- Both parties must make sure that all terms and conditions are completely understood by them.
Here is download link for this Private Label Agreement Template,
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