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Intellectual Property Clause

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Submitted By roddykelley
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Intellectual Property Clause

Roddy Kelley

ETH/321

03/16/16
Nelson Barnes

Intellectual Property Clause

Intellectual Property, or IP, is a broad term defining the intangible assets of a company. These assets may include special skills or talents, inventions, technologies such as software, relationships with customers or vendors, and brand identity. These examples of IP, and many more, are often among a company’s most valuable resources, and there are specific laws designed to protect them. Trade secrets, patents, trademarks, and copyrights define and control ownership rights to IP, and businesses further protect those rights by drafting IP clauses when they enter into contracts with individuals or other businesses. (Reed, Pagnattaro, Cahoy, Shedd, & Morehead, 2013). The purpose of an IP clause is to identify IP as it pertains to the respective contract, define authorized and/or unauthorized use(s), and incorporate this information into the original contract, which makes it legally binding (Connock, 1994). The following is an example of an IP clause: “Intellectual Property,” or “IP,” refers to the trade secrets, copyrights, trademarks, patents, and patentable ideas relating thereto of Developer, including but not limited to the know-how, inventions, technologies and technical data relating thereto, processes and methods of business operation, reports, manuals, other documentation and all information relating thereto, databases, pre-existing and future relationships with customers and suppliers, software, new product research, and marketing plans (Reed, et al., 2013). Developer grants to Company the right to use all IP provided, solely for the purposes outlined by this Agreement. Any unauthorized use of the IP, including but not limited to the reproduction, resale, modification, copying for purposes other than backup, licensing, or

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