Teaming Agreements And Confidentiality:
We all know that contractors work with subcontractors during the bidding project. But when you go after a bigger project, think about putting together a formal team, using a teaming agreement.
When pursuing larger projects, teaming relationships are an efficient and beneficial way to pursue opportunity. The team may include a design firm, a general contractor and vital subcontractors and suppliers. A teaming agreement can be key in keeping these self-interested parties focused and in pursuit of a unified goal.
The teaming agreement illuminates who will bear specific parts of the speculative expenses of preparing estimates and working on a joint proposal. The agreement can also define the circumstances in which a party may withdraw or be dropped from the team.
A detailed teaming agreement should also address confidentiality. The work product of team members, their confidential information concerning pricing, and knowledge generated together should remain confidential. This will protect the competitive advantage of the team.
Each team member should require an agreement from other members not to attempt to hire away employees. In addition, they may also want commitments regarding the level of participation of key employees after the project contracts have been signed.
In the event that a dispute occurs, the parties will want a dispute resolution process that is and quickly resolved. Working with expert counsel to customize standard agreements is the soundest way to accomplish these goals.