In this agreement, the developer agrees to create certain software for the client and to transfer the intellectual property rights in that software to him. One important aspect to include in this agreement is to agree regular milestones, which breaks down the project into discrete deliverables. At the end of each milestone, the developer should have reached an agreed stage of the work. Assuming this is done, the work is signed off and a specified amount of funding is released to the developer to progress to the next milestone. This makes it easier for both sides to monitor the progress of the project.
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