A commercial contract refers to a legally binding agreement between parties in which they are obligated to do or restrain from doing particular things. Commercial contract can include all aspects of a business, such as hiring, wages, leases, loans and employee safety. A breach of commercial contract takes place when a contracting party fails to live up to the agreements.
Intellectual property agreements includes various agreements like, selling or buying intellectual property; licensing intellectual property to others; non-disclosure and confidentiality agreements; and research and development agreements.
Regardless of your industry, entering into robust commercial contracts will be critical to success. In developing and protecting the IP of your E-Commerce company, you will have to be careful with contracts. Contracts and IP go hand in hand. No contract that is signed by your company is unimportant and all must be reviewed to make sure that you are maximizing and not damaging IP assets. This is because through contracts, IP rights may be sold or licensed or even given away. Bad contracts can result in litigation and unnecessary expense.
The contracts need not be long or even overly formal. But they must be clear and contain the right language concerning IP rights. It is important to get expert legal advice in this area. Often it is useful to have a legal adviser provide you with a set of forms that can be used as starting points in various situations involving IP. This way you can operate efficiently, but it is always a good idea to check with your legal adviser before concluding a legally binding agreement involving IP, no matter how simple it seems.