The Ownership Clause Samples

The Ownership clause defines who holds the legal rights to specific property, assets, or intellectual property referenced in the agreement. Typically, it clarifies whether ownership remains with the original party or is transferred to another, and may specify conditions under which ownership changes hands, such as upon payment or completion of services. This clause is essential for preventing disputes by clearly allocating rights and responsibilities regarding property or creations resulting from the contract.
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The Ownership. The parties agrees that the Authority shall be the owner of all of drawings, specifications, plans, documents, writings, works, ideas, discoveries, inventions, improvements and other work product (including any of the above in electronic form, and in the native software used for its development) prepared in the course of performance of the Services by the Consultant or any of its Subconsultants (collectively referred to as the “Materials”), and that all Materials will be provided to the Authority without additional charge. The Authority shall be free to make internal use of such Materials as it sees fit. In addition, Consultant agrees to execute and deliver (and to cause its Subconsultants to execute and deliver) to the Authority any and all applications, assignments, instruments or other documents which the Authority shall deem necessary to (a) apply for and obtain letters patent or copyrights of the United States or any foreign country or to otherwise protect the Authority’s interest in any such Materials; or (b) vest in the Authority title to such Materials. Such obligations shall continue beyond the termination of this Agreement with respect to Materials authored, conceived or made, in whole or in part, by Consultant or its Subconsultants during the Term of this Agreement, and such obligations shall be binding upon Consultant’s heirs, successors, assigns, executors, administrators and other legal representatives.
The Ownership. Party A shall provide the property ownership certificate, identification (i.e., business licence) and other documents, Party B shall provide identification documents. Both parties can copy the other party’s document after verification. All copies are only used for the purpose of the Agreement.