Intellectual Property (IP)
Creations of the mind protected by law, including inventions, designs, brand names, and artistic works.
IP rights in contracts typically address who owns work product created during the engagement. Common IP clauses cover assignment of rights, licensing, work-for-hire provisions, and pre-existing IP carve-outs.
Clearly defining IP ownership is critical in employment contracts, freelance agreements, and software development contracts to avoid disputes over who owns the final deliverables.
Example
A software development agreement specifies that all code written during the project is work-for-hire and belongs to the client.
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