teaming agreement

A teaming agreement is contract whereby two or more independent and separate legal entities collaborate with one another in order to achieve some common end or objective. Teaming agreements differ from joint ventures and partnerships in that the objective is to be achieved within a specified period of time and for a specific, defined purpose.

The levels of cooperation between the parties are subject to the usual commercial priorities. Typical instances include arrangements whereby the participants contract to work together on specified tender works. Where the contracting parties to the teaming agreement are large enterprises, the Competition Act 1998 UK and the Enterprise Act 2002 UK are likely to apply.

Usage: The parties entered into the teaming agreement with a view to combining resources to deliver the works specified in the request for tender.

Related Words: joint venture agreement; partnership agreement; tender; request for tenders; agreement; contract.