Common use of Inventions and Intellectual Property Rights Clause in Contracts

Inventions and Intellectual Property Rights. The VAR shall insure that it or any of its employees will refrain from infringing on the inventions and intellectual property rights of GAP regarding the Contractual Products and will promptly inform GAP. With the above limitation, all future software and hardware development performed by Smart will be the intellectual and legal property of Smart. In the event that the VAR sells any of its intellectual property rights, industrial property rights and inventions, the VAR shall first offer GAP the right to acquire the rights in such inventions, industrial property rights or other intellectual property rights. Conversely, all future software and hardware development performed by GAP will be the intellectual and legal property of GAP.