ABSTRACT
Depending upon the complexity of the equipment, the issue of transfer of knowledge and skills may become difficult to resolve. In many cases, monopolistic regimes may be maintained by the inventors of machinery or equipment. This chapter discusses the important elements of a contract for the transfer of technology. Depending upon the nature of technology to be transferred, the terms and conditions of the contract are determined. It is a common practice to include a force majeure clause in almost all commercial contracts, including contracts of transfer of technology. Although certain terms are commonly used in all transfer of technology contracts, depending upon the nature of technology and the laws of the countries of transferor and transferee, additional terms may be included. Furthermore, in drafting such contracts, the laws of the country of the licensee are to be followed very rigidly. The parties must also ensure that the contract is valid and enforceable under the laws of the licensee's country.
