Make written agreements with your local partners for manufacturing licensing, distribution and sale, and add IP clauses to these agreements – Always consider signing confidentiality agreements (NDAs) with your partners if new designs and specifications of manufacturing products and components are disclosed – include clauses in your existing and future INTELLECTUAL property agreements, in order to obtain protection with a clear definition of ownership. Be sure to set the duration of IP licenses in an appropriate subject based on the duration of the registered IP you concede to maximize revenue. A European green technology company, which has advanced technology for waste management, is currently manufacturing its products in Europe and is ready to enter into a licensing agreement with a Malaysian company for the licensing of its products with exclusive and exclusive non-transferable rights for a period of five years. The parties negotiate on the main terms of the agreement to be included in the written agreement. The above cases illustrate the importance of contract law, as misunderstandings in this area can have costly consequences. It is the duty of the parties to ensure that they know what a legally binding agreement is when they are trying to reach an agreement that is enforceable. Therefore, it is desirable for anyone wishing to enter into a significant or valuable contract to have the contract drafted or re-examined by a contract lawyer to ensure that it is legally binding and enforceable. Both parties also agree that all intellectual property rights of the products are exclusively held by the European company, which will always own any modification or adaptation of the products. In the event that any modification or adjustment creates new identifiable intangible assets, the Malaysian company cannot file applications for designs or patent applications in Malaysia or elsewhere under any circumstances. In accordance with the terms of the licensing agreement, it is expected between the parties that a proposal to modify or adapt the products, modify or adapt parts of the products and/or modify or adapt the product design may be made.