Why are contracts relevant to my business?

Every business executes transactions with other parties many of which constitute legally binding contracts.  Written contracts provide evidence of each party’s rights and responsibilities.  When transactions involve the acquisition or the exploitation of an intellectual property, written contracts are critically important to define the intellectual property rights involved and whether those rights are being sold or licensed, and, if licensed, whether the rights are exclusive or non-exclusive, the territorial limitations of use, if any, the duration and many other terms.