Common use of Existing Material Clause in Contracts

Existing Material. Intellectual Property Rights are important and ensuring all bases are covered requires comprehensive drafting. In a nutshell, though, you own your existing IP and modifications to it, and the Purchasing Agency owns its existing IP. You own the new IP in software you develop for the Purchasing Agency (if any), and the Purchasing Agency owns new IP in other materials you develop specifically for it. Each party grants licences to the other, and you make an IP-related warranty and grant an IP indemnity (with some carve-outs to protect you in relation to Third Party Material and certain other things). Each party retains ownership of all Intellectual Property Rights in Existing Material belonging to that party.

Existing Material. Intellectual Property Rights are important and ensuring all bases are covered requires comprehensive drafting. In a nutshell, though, you own your existing IP and modifications to it, and the Purchasing Agency owns its existing IP. You , you own the new IP in software you develop for the Purchasing Agency (if any), and the Purchasing Agency owns new IP in other materials you develop specifically for it. Each , each party grants licences to the other, and you make an IP-related warranty and grant an IP indemnity (with some carve-outs to protect you in relation to Third Party Material and certain other things). Each party retains ownership of all Intellectual Property Rights in Existing Material belonging to that party.