IP lawyer puts business process before legal process - Trademark, Business Law - New delhi, India, London

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) April 18, 2011 -- To their detriment, too often clients as well as lawyers skim or skip the first and second stage of proposed transactions. When they do this they enter a forest with no clear path to follow.
When they follow the three stage transaction or contracting process they move from casual dating, to going steady, to getting married. It's that simple.

There are three stages for most intellectual property and business law transactions. The first stage is needs assessment. The second, deal points definition. Only after the first and second stage are at least properly considered should anyone go to the third stage - formal contract drafting.
In both business and personal relations, problems and costs are likely to be much higher when the first two stages are ignored. The problems can include aggravation in negotiations and litigation. They can cause loss of reputation and morale, and even bankruptcy and business insolvency.
Parties to a proposed business transaction should do the following in the first and second stages:
• Work out what they want to achieve in commercial, technological and other non-legal terms - for example write the functional specification and technical specification

• Define with precision the intellectual property they want to have dealings about - this may require the assistance of professional advisers and consultants
• Clearly set out the respective rights and obligations of each party; and additionally, any prohibitions or security to be applied or given by the parties or one of them.
After doing this, our recommendation is that the parties test the thoroughness of work done in the first two stages.
If there is still comfort, try an intermediate drafting step, rather than rushing to contract drafting.

This may involve preparing a heads of agreement, memorandum of understanding, letter of intent or other similar document. They can clarify the intention of the parties subject to preparation of a formal detailed contract. They can do this by documenting what is assumed, known, understood or agreed so far. This provides another opportunity to test the work done in the first and second stages.
For the first and second stages it is useful to ask business process questions. Walk through the proposed end to end arrangements, visualize them in graphics, and ask whether the rights, obligations and consequences are clear for each of the parties and other stakeholders. If there are gaps in logic, fill them before going to the formal contract drafting third stage! The penalty for not filling gaps will be greater complexity, higher risk, higher legal costs, stressed parties in negotiations, and less predictable results.

If you need to, use a lawyer in first or second stage definitional work. But do not give instructions to commence drafting of a formal contract until the needs assessment and deal points definition stages are finalized.
For more details contact the Intellectual Property / Patent / Trademark / Copyright Attorneys & Lawyers at :
Global Lawyers
Call: 0091 9810153965
Visit : http://www.globallawyers.in

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