GOLD, E. Richard

Abstract: Best practices in IP (intellectual property) management are built on a foundation of licensing and contracting expertise. A contract defines a bargain that parties enter into, and, as such, defines the relationship and the expectations of the parties. It is therefore critical to carefully draft contracts that clearly, and objectively, indicate the intentions of the parties. Avoid stilted, legalistic jargon when drafting contracts; instead, strive for direct, simple, and accurate language. In written agreements, be sure to include the terms and provisions covering the grant itself, such as payments, dispute resolution, intellectual property emerging from the R&D, IP ownership and confidentiality, and other related legal terms and definitions. However, remember that generic templates do not exist. The relationship and goals of the parties will define how the agreement is structured. The actual document will also vary, depending on whether the parties are public or private sector entities, on whether the license is a collaborative-research agreement or a sponsorship agreement, and on the business and legal culture.