Feasibility Study Agreement Sample

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    A feasibility study is an important step in assessing the viability of a project before committing resources and time. This study helps to evaluate the project’s potential for success and identify any potential risks or challenges that may arise. A feasibility study agreement is a formal document that outlines the terms and conditions for conducting such a study. In this article, we will provide you with a sample feasibility study agreement and discuss its key elements.

    Key elements of a feasibility study agreement:

    1. Purpose and scope: The agreement should clearly state the purpose and scope of the feasibility study. This can include the specific project or product that will be evaluated, the criteria for success, and the timeline for completion.

    2. Responsibilities: The agreement should outline the responsibilities of both the client and the consultant conducting the study. This can include the deliverables, timelines, and any other commitments.

    3. Confidentiality: Since the feasibility study may involve proprietary or confidential information, the agreement should include provisions for maintaining confidentiality. This can include non-disclosure agreements, confidentiality clauses, and limitations on the use of any data obtained during the study.

    4. Payment terms: The agreement should specify the compensation for the consultant conducting the study. This can include a fixed fee, billing by the hour, or other payment structures. Additionally, the agreement should include any payment terms such as down payments, invoicing, and deadlines for payment.

    5. Termination and dispute resolution: The agreement should specify the termination provisions for the study, including how and when either party may terminate the agreement. It may also include provisions for dispute resolution, such as mediation or arbitration.

    Sample Feasibility Study Agreement:

    This feasibility study agreement (“Agreement”) is made on [date] between [the Client] and [the Consultant]. The purpose of this Agreement is to set forth the terms and conditions for [Consultant] to conduct a feasibility study on [the project/product] (the “Project”).

    Scope of Work: The Consultant will conduct a comprehensive feasibility study of the Project and will evaluate its potential for success. The study will include an analysis of the market, competition, financial projections, and any other relevant factors. The Consultant will deliver a final report to the Client within [timeline].

    Responsibilities: The Consultant will be responsible for conducting the study in accordance with standard industry practices and will provide the expertise necessary to complete the study. The Client will provide the Consultant with access to any relevant information and resources needed to complete the study.

    Confidentiality: The Consultant agrees to maintain the confidentiality of any proprietary or confidential information obtained during the study. The Client agrees not to disclose any confidential information to any third party without the Consultant’s prior written consent.

    Payment Terms: The Client agrees to pay the Consultant [fee] for the feasibility study. Payment will be due upon receipt of the final report. Additional fees may be billed for any extra services or expenses incurred.

    Termination: Either party may terminate this Agreement upon written notice to the other party. In the event of termination, the Consultant will be compensated for all services rendered up to the date of termination.

    Dispute Resolution: Any disputes arising from this Agreement shall be resolved through mediation or arbitration.

    Conclusion:

    A well-written feasibility study agreement is essential to ensure that the client and consultant are on the same page regarding the scope, responsibilities, confidentiality, payment, termination, and dispute resolution. By including these key elements, the agreement can help avoid any potential misunderstandings or disagreements that may arise during the study.