Modified IP Sample Clauses
The Modified IP clause defines how intellectual property (IP) that has been altered, improved, or adapted during the course of a project is treated between the parties. Typically, this clause specifies ownership rights, usage permissions, and obligations regarding any modifications made to pre-existing IP or jointly developed materials. For example, it may state whether the party making the modifications retains rights to those changes or if all modifications automatically become the property of the client. The core function of this clause is to clarify ownership and usage rights for modified IP, thereby preventing disputes and ensuring both parties understand their rights and responsibilities regarding any changes to intellectual property.
Modified IP. Any rights in respect of an adaptation based on, or modification or enhancement of, one party’s Intellectual Property by the other party is hereby assigned, on creation, to the first- mentioned party and licensed for use to the other party on the applicable terms set out in clause 17.2.