Contract clause and intellectual property
This contract clause can be applied in a business managerial setting to address disputes between owners of IP or trade secrets, ensuring that both parties are aware of the respective rights and responsibilities they have. The clause outlines the process for resolving disagreements between the two parties. It also explains how confidential information should be handled, including any safeguards that need to be put in place to protect it from misuse or unauthorized access. Finally, this clause ensures adequate compensation is provided if any infringement of intellectual property occurs, either through an injunction or monetary compensation.