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[ˌɪntəˈlɛktʃuəl ˈprɑpərti ˈtrænsfər əˈgrimənt]
An agreement between a contractor and a client in which one party transfers its intellectual property to the other.
The agreement should detail the specific IP being transferred, the terms of the transfer, any exceptions, and the point at which the transfer occurs (e.g., upon payment completion). This document ensures that all parties are aware of their rights and obligations regarding the IP, providing legal clarity and protection for both the transferor and the transferee.
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