A technology transfer agreement is created in order to approve the transfer of intellectual property related to the creation of a particular technical product from one organization to another. The most common form of technology transfer agreement is the license agreement where one party gets the right to use the technology created by another for a definite period of time and in return for a fee. This kind of deal is the responsibility of the Department of Technology Transfer or Department of Research. These agreements are usually associated with a non-disclosure clause where the parties are not allowed to leak any information related to the technology behind the product.
A technology transfer agreement also refers to a deal between two companies where one firm is transferring the technology used to invent a product which is still in the process of creation. If there are any changes in the technology transfer agreement, then a new document must be created and consent of both parties is required.
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