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What is an Act Agreement?
An act agreement is a contract between a company and a technology developer that allows the latter to use the formers technology for commercial purposes. The contract outlines who each party is, which technology is in question, and what the roles and responsibilities of each party are under the contract. Also called a Agreement for Commercializing Technology agreement, the act agreement ensures that the rights and well-being of each contract party are protected under the law.
The purpose of the act agreement ensures that companies have the adequate approval from technology developers to use their product for commercial purposes. It also ensures that those developers are adequately compensated.
Who Helps With Act Agreements?
Lawyers with backgrounds working on act agreements work with clients to help. Do you need help with an act agreement?
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