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This Cost Sharing Agreement, effective from the current date, is entered into between the Servicer and the Company. The Company seeks office and admin services for its business operations, and the Servicer agrees to provide these services. To reduce administrative costs, the Company will utilise office space and certain administrative services at the Servicer's premises. The agreement establishes a cost-sharing arrangement for shared overhead items such as space, utilities, and administrative services.
Services: The Servicer will provide services directly or through third parties, which will be reimbursed by the Company based on actual costs or approximate costs determined in good faith by the Servicer with reasonable approval from the Company. Charges for services will be based on the Servicer's actual costs without any profit margin.
Payment and Disputes: The Servicer will invoice the Company promptly each month, and payment is expected within five business days. In case of a dispute, the Company can advise the Servicer in writing, and the Servicer may allow deferred payment for the disputed item.
Books and Records: The Servicer will maintain accurate books and records related to the services utilised by the Company, which can be inspected by the Company's representatives during normal business hours.
Limitation of Liability: If any services are negligently performed or omitted, the Servicer will rectify the issue at no extra expense to the Company. Neither party will be liable for indirect or consequential damages, and the maximum liability will be equal to the total sums payable by the Company to the Servicer.
Termination: Either party can terminate the agreement by providing one month's written notice or through mutually agreed-upon means.
Law and Jurisdiction: The parties will make reasonable efforts to resolve disputes in an amicable and good-faith manner. Jurisdiction will be determined as specified in the jurisdiction clause.
Signatories: Authorised representatives of Party 1 and Party 2 have signed this agreement.
Keywords: cost sharing agreement template, office and admin services, reduce administrative costs, shared overhead items, reimbursement of shared costs, payment disputes, books and records, limitation of liability, termination, law and jurisdiction.
Steps to Use the Cost Sharing Agreement:
1. Identify the Parties: This agreement is between the Servicer and the Company with their respective addresses and contact details.
2. Understand the Purpose: The Company requires office and admin services for its business operations, and the Servicer agrees to provide these services as per the terms of the agreement.
3. Cost Sharing Arrangement: The parties agree to establish a cost-sharing arrangement for certain overhead items, such as office space, utilities, and administrative services used by the Servicer at the Premises.
4. Reimbursement of Shared Costs: The Company agrees to reimburse the Servicer on a monthly basis for the costs incurred in providing the services. The reimbursement will be based on the actual cost attributable to the Company's use of the services, determined in good faith by the Servicer.
5. Payment Process: The Servicer will promptly invoice the Company for the services provided each month. The Company must make payment within five business days of the invoice date. In case of a dispute, the Company can inform the Servicer in writing, and the Servicer may allow deferred payment for the disputed item.
6. Maintenance of Books and Records: The Servicer will maintain accurate books and records related to the services utilised by the Company. The Company's representatives, including auditors, can inspect these records during normal business hours.
7. Limitation of Liability: If any services are negligently performed or omitted, the Servicer will rectify them at no extra expense to the Company. Neither party will be liable for indirect or consequential damages. The maximum liability of both parties is determined by the total sums payable by the Company to the Servicer.
8. Termination: Either party can terminate the agreement by providing one month's written notice or through mutual agreement.
9. Law and Jurisdiction: The parties will make reasonable efforts to resolve any disputes amicably and in good faith. The jurisdiction clause will determine the applicable law and jurisdiction in case of any legal issues.
10. Sign and Execute the Agreement: The authorised representatives of both parties should sign the agreement, indicating their agreement to the terms and conditions.
By following these steps, the parties can effectively utilise the Cost Sharing Agreement for the provision of office and admin services, reimbursement of shared costs, and maintaining a mutually beneficial working relationship.