Legal Precautions to be Undertaken before Executing a Transfer of Technology (ToT) Agreement:
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In modern times, technology has become a vital component of the business process of most companies worldwide. Technology can be leveraged in various ways by a company in order to gain a competitive advantage over its competitors and to maximise profits. The transfer of technology is an important way through which countries that are developing can access technology from developing countries.
There are numerous instances where a company cannot invest huge amounts of capital into research and development in order to create new technology. In such instances, the most feasible option for companies is to absorb/assimilate pre – existing technology from other entities.
