In addition to the contours of ownership and use, the clause also needs to refer to intellectual property protection measures. Depending on the nature of the intellectual property related to the technology, the agreement must provide certain legal provisions to avoid a possible violation. One of the most common practices by which the ceding company protects its mental protection system is the “black box”. As a result, the essential elements of intellectual property in the technology, such as process, layout, etc., will be confidential and strictly excluded from the scope of the transfer contract. This allows the ceding company to retain its IP while the cedant presents itself to the rest of the technology. Intellectual property is the backbone of these agreements. There are several elements of intellectual property that participate in the transfer of technology, such as patents, trademarks, designs, etc. This clause should cover all aspects of pre-existing and future intellectual property that may result from the agreement. Today, in the face of the various industrial and other revolutions that the world has seen, technology has become an inalienable part of our lives. The meaning of the term has undergone several changes and technology as we know it today can be defined as “the study and knowledge of the practical, especially industrial, use of scientific discoveries.” This definition briefly summarizes the decisive role that technology plays in all areas, from agriculture to industry, infrastructure, medicine, etc.
There is no aspect of our life that can be said to be free from the influence of technology. A failure in the negotiation of a MORT agreement can lead to an inefficient use of the transferred technology. The existence of certain provisions in a MORT agreement can have a negative effect on productivity. Therefore, lawyers for parties who assess or file death agreements on behalf of their clients are advised to avoid including the following technology transfers within a nation or between different nations. With regard to transfers between Indian companies, they are subject to the basic laws of the country. All intellectual property rights arising from such transfer contracts refer to the different statutes that deal specifically with the different legal aspects of intellectual property. For example, provisions of various statutes, such as the Patents Act of 1970, the Trademarks Act 1999, the Design Act 2000, etc., are included in the agreements. “Technology transfer” means the use of knowledge, and when we talk about technology transfer, we are really talking about knowledge transfer through an agreement between states or companies. “transfer” does not mean movement or delivery; The transfer can only take place if the technology is used. This is the application of the technology, which is considered a process by which the technology developed for purposes is used either in different applications or by a new user.