Bespoke and Specialist Documentation
It is not feasible for all types of commercial agreements and arrangements to be identified, and so often technology, business, and markets evolve. This requires specialist documentation and bespoke agreements to be prepared and negotiated. Sometimes such documents could be statements of work, service level agreements, non-commercial briefs, letters of intent, or a memorandum of understanding. New agreements are being developed all of the time to deal with new types of technology, new markets, and the development of new types of businesses.
Why have one:
- Using a standard agreement is unlikely to effectively deal with the elements that are peculiar and important in your new business arrangement
- A bespoke agreement will better achieve your aims and protect your position whether you are delivering or receiving the new concept
- It is highly likely that something new requires or has at its heart intellectual property, and such rights should be properly identified
Beware:
- There may be other formalities to complete prior to developing this type of agreement, and this may include the use of NDAs, filing and obtaining registration of intellectual property, consideration of risk and appropriate insurances, review of existing agreements, and obtaining releases and/or formal consents
- Failing to ensure the agreement accurately sets out what you need, and what the other side expects can be the cause of dispute and litigation;
- If using standard agreements, or those copied from elsewhere (risk of copyright infringement), these are likely to be unfit for purpose, leaving you and/or your organisation/business exposed to higher costs, wasted time and resources, and the risk of being sued;
Who instructs:
Usually CTOs, software engineers, inventors, entrepreneurs, and business owners who are seeking to develop and deliver some disruptor technology or service.