Law 531 - Contracts and Intellectual Property Drafting

Contracts and Intellectual Property Drafting

Ashley Fears-Bledsoe, Audrey Bennett-Coleman, Cecil Stallbories

LAW/531

July 11, 2016

Judith Gray

Contracts and Intellectual Property Drafting

There are more than a few different types of contracts and examining each document or agreement is necessary before any signatures should be written. The minute an agreement is endorsed with initials, materially, electronically, or verbally, the contract is indeed referred as material if any conflicts or situations occur. “The most obvious benefit of prelitigation dispute resolution clauses is that, if successful, they facilitate settlement between the franchisor and franchisee before litigation is filed or before it is pursued to completion,” (Weldon & Kelly, 2011, para 6). As an example, when purchasers are buying houses they are aware that the process is long and tiresome, with this understanding the buyers are usually overwhelmed with paperwork and documents to sign. As soon as this part of the process reaches the purchaser, they are so ready and excited just to get the property or home that they do not give too much consideration into what they are ultimately agreeing or signing. Take a moment to think about the homeowners’ association contract, what transpires when a disagreement arises? “Though negotiation and mediation may be framed as condition precedents to litigation, they still are inherently voluntary processes once the parties begin those activities, i.e. courts cannot force a party to agree to settle,” (Weldon & Kelly, 2011, para 11). Since the contract has been signed with specific clauses, it does not mean the purchasers will hold back from engaging in litigation. The prior example, the buyers agreed to accept the rules of the association; however, if they feel something does not pertain to the agreement or is unjust they may consider litigating. This drafting exercise will discuss the following items such as intellectual property ownership contract clause and how clauses can be applied in a business managerial setting.

Intellectual Property Clause

Intellectual property means to have a specific work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, or trademark (Drew, 2010). When intellectual properties are put into place, the creator of the product, should take necessary measures to protect the brand that was created. The creator of this product can do this by exercising the rights of the intellectual property clause. Intellectual property clause means to protect the exclusive writings and discoveries of the creator (Oliar, 2006). This clause is also referred to as the patent clause because it protects the rights of creator.