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Draw up agreement
blog 25 Jun 2019

"Is it possible to draw up an agreement myself?"

In this rubric, the basics regarding Intellectual Property will be explained. #YouAskWeAnswer. We will now discuss agreements, our final subject.

There is no such thing as a standard agreement. This is because of the freedom of contracts and the many different provisions which can be included in one agreement. Obviously, there are a number of recurring issues, but the context itself can be quite different.

Recurring issues

  • The parties involved in the agreement and their legal representatives.
  • The subject of the agreement, i.e. what the agreement covers. If it concerns a licence, then the agreement must specify what the licence is being granted for. In the case of a transfer, the subject of the transfer must be described.
  • The duration of the agreement.
  • The termination options.
  • The financial agreements, insofar as applicable.
  • The applicable law and court authorised to rule in the event of a conflict.

Also, our advisors are often engaged after the client has drawn up the (initial) commercial agreements and the contract has to be drafted based on these agreements.

Legal expertise

It is not wise to prepare an agreement yourself. This requires specific legal expertise. When preparing agreements, it is important to use the right statutory and legal terms. No part of the agreement may contradict any of the other parts and no elements may be left uncovered. Preparing the agreement yourself usually involves a lot of wasted time, lack of clarity, bad arrangements and risks. You could even disadvantage yourself because you are unaware of the latest statutory and legal developments.