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Dispute Settlement_ Two minds working will not always be in harmony with each other. There is always a possibility of conflicts of interests. Foreseeing possible scenarios and setting settlement to solve them should be included in the partnership agreement template. It is crucial to any partnership because it will regulate conflicts before it destroys the business.

You can pay a lawyer to draw up this agreement if you are a large company that has a big enough budget to cover the costs, but this is not necessary as you can do it for yourself. You can of course write out your own agreement using one of the many different templates that are available for download online. Both of these documents are completely binding in a court of law, the difference is the amount of money you are going to have to spend. Each of them must be signed by both parties and in many states notarized in order for them to be legally binding.