Group 4: Liability, Warranty, Ownership of IP, Ownership of
Improvements
Liability: The obligations and commitments of each party in the agreement, specify who is responsible for which tasks, activities, and outcomes, establishes mechanisms for resolving disputes in the event of non-compliance
Warranty: It defines the promises or warranties that one party gives to the other about the product, service, or technology.
It specifies the scope of the warranty, including duration, remedies in the event of breach, and exclusions.
It establishes the procedures for the claim and resolution of guarantees
Ownership of IP: It defines who owns the intellectual property rights to the inventions, designs, software, and other creations derived from the agreement.It may include provisions on licensing, sub-licensing, assignment and royalty-sharing.
It establishes mechanisms for the protection and defense of IP rights.
Ownership of Improvements:It defines who owns the rights to the improvements, modifications, or innovations made to the original product, service, or technology.
It may include provisions on information sharing, collaboration in the development and distribution of improvements.
It establishes mechanisms for the valorization and commercialization of improvements.
These concepts are important for a clear and precise definition of the rights, obligations and responsibilities of the parties to technology negotiations.
¿Why is the Chief Agreement document important in a technology negotiation?
It is important as it serves as a basis for establishing the essential terms and conditions of the agreement that is intended to be reached between the parties involved, in other words, its ability to align expectations, facilitate communication, document key terms, protect the interests of the parties, and facilitate decision-making makes it a crucial element in reaching mutually beneficial and lasting agreements.
Andrea Humánez 212032_33 11/05/2024