IP COST SAVING TIPS:
ANNUITY/RENEWAL AGREEMENTS
05 DECEMBER 2022
SOLID AGREEMENTS ARE THE KEY TO SAVINGS
It’s crucial to understand what’s going on within your invoices, but it’s even more important to know what’s inside your patent annuity and trademark renewal agreements.
Most IP rights-holders aren’t familiar with the nuances of the industry, so they unwittingly sign agreements that heavily favor payment vendors and limit transparency and accountability.
To help shift the balance of power, today, we’re highlighting our top 5 tips for taking control of your payment contracts.
PLEASE SIR, I WANT SOME MORE TRANSPARENCY..
It should come as no surprise that transparency is essential to controlling costs. Unfortunately, some vendors push back against requests for additional transparency – but don’t give up.
Whether you are negotiating a new agreement, or renegotiating your current agreement, it is absolutely crucial that you are able to determine what (if any) premiums you are being charged for foreign currency and agent services.
5 TIPS FOR AGREEMENT SUCCESS
Get an fx cap into your contract, make sure the cap is tied to a date that can be tracked (i.e. invoice date).
Make sure the contract defines which countries are paid through agents.
Include the agent fees for the countries in #2 in the agreement.
Include a requirement for the vendor to provide detailed invoice files.
Review your agreement annually.
Disclaimer
THIS POST IS STRICTLY INFORMATIONAL AND IS NOT INTENDED TO BE, AND SHOULD NOT BE RELIED UPON AS LEGAL ADVICE. PLEASE CONSULT A QUALIFIED ATTORNEY FOR SPECIFIC ADVICE REGARDING ANY INTELLECTUAL PROPERTY MATTERS.
