About this document:
Use this template as a terms and conditions document when selling or buying an Intellectual Property in the form of a technology/solution/software/product. Signing of an Agreement confirms acceptance (of the terms) by the parties and carries legal significance.
The format is fit to be used to address peculiar situations where mostly commercial-use Intellectual Properties are sold by parties who developed it and own it. The buyer may be a user or someone wanting to make commercial use of the IP.
There are no specific legal provisions that govern a legal document of this nature; you still have the liberty to make alterations and additions that exactly suit your situation or the case to the extent of changing certain factual terms and conditions besides making the concept of payments. The document can be altered to use in completely different circumstances even in jurisdictions outside India.
Who will use this document?
Any business or individual developer of an Intellectual Property in the form of technology / solution / product or software wanting to sell the same and another business or individual wanting to buy the said IP.
Key features:
· very flexible to suit the requirements of either or both parties;
· provides a complete framework;
· protects both sides;
· indemnities of the seller and the purchaser;
· very flexible to suit the requirements of either or both parties;
· detailed explanatory notes that help appropriate use and execution;
This document includes provisions for:
· appropriate legal provisions - warranties, exclusions, indemnities, etc.
· Price and payment;
· Tax liabilities;
· Obligations of the parties;
· Maintenance and support;
· Mutual hold harmless;
· Duration and termination;
· Agreement to perform necessary acts;
· Representations and Warranties;
· jurisdiction;
· practical terms that protect parties from future disputes;
