Hi I am starting development of a web application with my friend. We work in the same office although we are both separate freelancers. This application is intended for our own benefit but we will also try to sell it as a service to other local businesses if we think it’s good enough.
I am of the idea that we draw up a contract between us to make sure that everything is clear from the outset and avoid potential problems along the way. We will be spending equal time on it, dedicating a day a week to work on it. We have very similar skillsets so we are not tied down to particular tasks in the design and development of the application.
What do you think we should put in the contract?
What I have thought till now is to write that the application ownership is of both of us, including all source code, psd files etc.
Should we part company and still want to sell the product I think we should both come up with new names for it, or else one would pay an agreed fee to the other party if he wants to use the original name. We can then each take the product in the direction we want, but on parting ways we will have access to all we have done till that point.
Obviously while still together, all income derived from the product shall be equally divided unless further provisions are agreed (e.g. a commission % on new sales).
Any other ideas? Am I on the right track? Thanks!