Unlike many other corporate agreements, technology-based joint venture and partnership agreements are usually highly customized. While no checklist can contemplate every relevant joint venture or partnership topic, it is possible to list many of the core issues that often present themselves in such settings. This list should be helpful when viewed in that context.
Virginia Checklist for Intellectual Property Partnership and Joint Venture Agreements
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How to fill out Checklist For Intellectual Property Partnership And Joint Venture Agreements?
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Key Elements of a Joint Venture Agreement Business address. ... Joint venture types. ... Purpose of the agreement. ... Names and addresses of members. ... Duties and obligations. ... Voting and formal meeting requirements. ... Assignment of percentage ownership. ... Profit or loss allocation.
Alternatively, both parties can be considered joint owners of all the joint IP, with each party agreeing to certain restrictive conditions on their use or disclosure of it. This situation often arises when a party wants to prohibit the disclosure of the joint IP to one or more competitors.
IP developed by the JV The default position (assuming that there is no shareholder licence containing a ?grant-back? clause) is that the JV will own any IP that is developed for or by it using its employees or contractors (subject to the terms of the agreement with the contractor).
The Basics A full description of the business venture. A statement declaring the parties as joint venturers. The signing of all venture related documents. How long the agreement will be in effect.
A jointly owned patent cannot be enforced unless all of the owners join in the lawsuit. If a co-owner refuses to participate, the lawsuit cannot proceed. The co-owner could even license the patent to an accused infringer instead of joining in the suit.
The documents required for creating a JV can broadly be classified into three categories: Memorandum of Undertaking (MoU) or Letter of Intent (LoI) Definitive Agreements (depending upon the chosen structure) Other Agreements (such as Technology transfer agreements/BTA etc.)
The JV agreement should define how jointly developed IP will be owned. Options for ownership include: ? The JV owns the Joint IP during the life of the JV. This requires that there be a plan in place Joint IP in the event of termination/dissolution of the JV.
In some cases, the partnership may jointly own the IP. For example, if you have a trademark for a business partnership, it may be owned and controlled by the business itself. That can be dealt with in the IP.