Intellectual property [IP] refers to ‘creations of the mind’. There are two broad classes of intellectual property: artistic creations covered by copyright, and industrial property. Industrial property includes patents to protect inventions, industrial designs, trademarks, service marks, commercial names and trade secrets. Most sets of terms and conditions have clauses addressing ownership of intellectual property, as many procurement contracts seek to acquire intellectual property as deliverables of the agreement. For example, terms may seek to clarify that pre-existing IP belongs to the respective owners, but new IP that the parties plan to create as part of a new contract, belongs to the buyer.« Back to Glossary Index
Discover the world’s largest Glossary of Procurement terms
With over 800 Procurement specific terms (and growing) you will find everything you need to know or thought you knew about the Procurement function. Our aim is to provide you with a comprehensive list collated from the Comprara Groups hub of training and consulting source materials.The Procurement Glossary has been compiled by industry expert Paul Rogers.