Collaboration agreements
1 Credit
Collaborating with other businesses is a great way to innovate and stay ahead in your market. Collaborations often happen between businesses, or between business and academia. In either case, it is important for the parties to regulate the collaborative relationship with an agreement.
A collaboration agreement not only deals with the parties’ duties and obligations throughout the duration of the project (such as deliverables and milestones), but more importantly, it will set out the parties’ agreement in relation to IP.
The agreement will define “background IP” – the IP that each party already owns and will be bringing to the collaboration, and deal with how this may be used for the purpose of the project. The agreement will also consider the new IP generated as a result of the collaboration – “foreground IP” – and determine how this is owned and used between the parties going forward.
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