Agreements can be designed to establish and preserve the business or individual’s IP (intellectual property) rights. Because of the array of agreements in which parties can engage, this topic breaks down the general terms. As a result, contracts can become complex, which is usually why they are handled by attorneys with particular expertise in this practice area. With that being said, international trade, franchise law, antitrust issues often arise, and legal advice in negotiating intellectual property agreements is highly advised.
Some examples of contracts that involve IP issues are as follows:
- Confidentiality or NDA (Non-disclosure agreements)
These agreements are implemented as a part of employment contracts and are signed between the inventor and a third party (the employee) or between parties in a licensed relationship. Confidentiality agreements are also used to preserve trade secrets. These two agreements are also used between businesses considering new products or business proposals. A few key provisions in these agreements are:
- The identity of the parties and companies it applies to
- The permitted use of information received
- The duration of obligations required between both parties
It is essential to point out that if either party develops a new invention, the agreement will not recognize or deal with them under the same treatment. Instead, those provisions are usually addressed in a “Joint development agreement,” as explained below.
- Joint Development Agreements
These agreements are entered into between parties cooperating to develop a new product or method. Joint development agreements frequently include confidentiality agreement provisions. These agreements usually also specify the ownership of intellectual property assets brought to the relationship and those developed during the cooperative program. Finally, they generally involve a description of each party’s expected contributions during a development program.
A few other related IP agreements are listed below
- License Agreements
- Agreements Transferring Intellectual Property
- Option Agreements
All Intellectual Property agreements and their provisions should be reviewed or drafted by an expert. The contract attorneys at Enara Law PLLC offer consultations on a flat-fee pricing model. You can give them a call twenty-four hours a day, seven days a week at (602) 687-2010, or email them directly at [email protected].