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Simple English definitions for legal terms
evaluation agreement
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A quick definition of evaluation agreement:
Definition: An evaluation agreement is a contract where one party agrees to test another party's idea, product, or service. The purpose of the test is to determine if the idea, product, or service is good enough to invest in or buy. These agreements are also called product evaluation, pilot, or trial agreements. They are often used by universities or companies that conduct research in software, biomedical, or pharmaceutical fields. For example, John Hopkins University has a standard Evaluation Agreement for suppliers of medical research equipment or software.
A more thorough explanation:
An evaluation agreement is a type of contract where one party agrees to test another party's idea, product, or service. The purpose of this agreement is to determine if the idea, product, or service is worth investing in or buying.
For example, John Hopkins University has a standard evaluation agreement for suppliers of medical research equipment or software. This means that if a supplier wants to sell their equipment or software to John Hopkins, they must first sign an evaluation agreement.
During the evaluation period, John Hopkins will test the equipment or software to see if it meets their needs. If the results are satisfactory, John Hopkins may decide to invest in or buy the equipment or software.
Evaluation agreements are commonly used in industries such as software, biomedical, and pharmaceutical research.