Need to prepare a contract between my company and a third party software development company, as we are engaging them for the potting and redevelopment of the software product.

Category: Legal
Time required: Less than 5 hours
Is this a project or a position?: Project
Required availability: As needed

Description:  Contract/ Agreement drafting to engage a Software Development Company by giving them access to our system and enabling them to port and redevelop an existing software product. 

The engagement Contract/ Agreement  needs to cover :

1.    The basics of a Project engagement Contract/ Agreement
2.    A Stipulated effort that is going to be taken by the Company
3.    Duration is 6 months. We need to have Penalty clauses if there is a delay in completing the tasks
4.    Security of source code and an undertaking from each developer that is involved to respect the confidentiality of the product specs and design
5.    Any and all IP rights, innovation, algorithms, etc generated in this engagement belong to my company (the payer for services)
6.    Stipulate the cost and duration of this engagement as clearly as possible
7.    Any way possible to secure our Company (the payer) during this engagement

Main concern!
Securing our Company from delays, additional costs, and/or IP theft

Category: Legal
Subcategory: Other
Project size: Small
Is this a project or a position?: Project
Required availability: As needed