Things every client should understand about intellectual property agreements

Ten keys to success in intellectual property contracting

• Top executives agree: “Put it in writing, and make it clear.”

• Use agents: Even CEO’s who thoroughly understand contracts prefer to speak through their attorneys and designated representatives. The reason: negotiating through your agents increases your power; going around them reduces it.

• Creating a good contractual relationship is like any other project --- you need a good team, a good manager, project milestones, and deadlines.

• Insist that project team members engage in “responsible writing” (i.e., that they author external publications, internal memos, and emails with due care).

• Engage in ethical contracting practices as these result in stronger, more profitable agreements.

• Do your homework. Good negotiation sessions begin with good planning.

• Review license language with care.

• Be explicit about confidential information.

• Be explicit about rights in improvements.

• Read the contract (and insist that it be readable).