The Memorandum of Understanding sets out how both organising committees will benefit from the Games and covers topics such as sharing information and equipment.
"To have the Commonwealth and Olympic and Paralympic Games within two years of each other in the same country is unprecedented and the understanding we have formally singed today has underlined what a unique opportunity both Great Britain and Scotland have," said Glasgow 2014 Organising Committee chief executive John Scott.
"There are so many ways in which Glasgow and Scotland will benefit from London 2012, and the potential sharing of assets such as volunteers and equipment means that we can also provide athletes coming to us in 2013 with the same athlete centred experience that 2012 also aims to deliver," he added.
The Games have only been hosted within two years of each other in the same country once before in Canada, which hosted the 1976 Summer Olympics and the 1978 Commonwealth Games.
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