With most successful research grants there is a contract, a legally binding agreement defining, among other things, cost, duration, publication rights and intellectual property.
The contract may either be prepared by Grants & Contracts/Joint Research Office, or the Funder may issue a standard contract.
Grants & Contracts/Joint Research Office will need to review the contract and will liaise with you to ensure that the contract is satisfactory from your own and the University's point of view.
Successful joint applications to the research councils will be expected to have a collaboration agreement in place before the work begins in accordance with GC 21 of their standard terms and conditions, which state:
"Where the grant is associated with more than one research organisation and/or other project partners, the basis of collaboration between the organisations, including ownership of intellectual property and rights to exploitation, is expected to be set out in a formal collaboration agreement. It is the responsibility of the research organisation to put such an agreement in place before the research begins."
The collaboration agreement should be between the applicants (the academic parties) and any project partners named on the application (who will be named as collaborators on the award letter).