Best-practices regarding flexibility and commitment in co-search models

I am currently exploring a (self-funded) co-search / tandem search model with a potential partner with shared resources, divided responsibilities, and the intention to primarily or exclusively pursue joint acquisitions. We would greatly appreciate examples from others who have done this formally or informally: How much flexibility did you preserve during the search (e.g., unexpected job offers, solo-fit opportunities, side projects)? How did you agree on and formalize that flexibility to keep everything reliable, transparent, and fair? Which specific scenarios did you explicitly plan for (job offers, solo deals despite a joint mandate, side hustles, breaks, full exit of one searcher, etc.)? We are of course especially interested in concrete solutions, lessons learned, and would be extremely thankful for templates or sample language (e.g., SHA or similar agreements). Also very happy to connect 1:1. Thanks a lot in advance!