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Signatures have no weight and most agreements are renegotiable. This is especially so in view of the slow legal enforcement process. Financial commitment of the partner is the surest confirmation of implementing ventures. |
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Understand the full implications of taxation on lump sum, royalties, etc and also term like ‘net’ and ‘gross’ payments. |
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Involve detailed ‘force-majeure’ clauses and arbitration conditions in agreements, besides clear exit clauses upon the occurrence of specific conditions in the venture. |
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Enforce all oral understandings in writing; do not leave anything uncovered- even in confidential agreements. |
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Always have an exit clause in your partnerships. |
ICREON