An indemnity clause can be a powerful tool to control costs and manage risk when licensing technology. An indemnity clause, at its most powerful, can completely shield one party from liability, forcing the other party to cover all potential risk stemming from the agreement. However, more commonly, it will be used to cover specific areas of risk such as potential damage caused by use of the licensed technology or claims by 3rd parties for IP infringement.
When goods are shipped with the condition Free on Board (FOB), the seller is responsible for preparing the goods for shipping and loading them onto the ship for transport. The buyer is then responsible for paying the cost of transportation and any fees imposed at the eventual port of call. Insurance, if necessary, is also the buyer’s responsibility, as the risk of loss transfers to the buyer upon the seller loading the goods onto the transport. The term FOB can only be used in situations where goods are being shipped by land or sea.
As the name suggests, an entire agreement clause (also sometimes called an integration clause or merger clause) simply states that the signed agreement between the parties is the complete and final agreement. While this clause is often very simple and introduced toward the end of an agreement, it plays an important role in defining the parties’ rights and responsibilities. Neglecting to include an entire agreement clause can lead to misunderstandings and unexpected liability at a later date.
In Japan, traditionally rent is not raised every year and there are there are only 4 statutorily recognized situations where rent may be adjusted. The Act on Land and Building Leases lists the 4 situations: 1) property taxes have increased or decreased, 2) property values have increased or decreased, 3) some other change in the economic situation, & 4) the rent is inappropriate compared with other properties in the area. Barring one of these 4 situations, rent should not be adjusted either up or down. However, situation #3 (change in economic situation) is very vague and can be used to […]