What is rights acquisition contract in SAP (CRM-IM-IPM - Intellectual Property Management)?

SAP Term: rights acquisition contract

• Component: CRM-IM-IPM

• Component Name: Intellectual Property Management

• Description: IPM: A rights acquisition contract or OR contract grants a rights holder or licensor creditor license fees and royalties outgoing royalties as a share of the license vendor revenues debtor for an IP right that is limited in terms of time and content. Exploitation of an IP is agreed in a rights acquisition contract item.

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• Key Concepts: 
  A Rights Acquisition Contract (RAC) is a contract used in SAP CRM-IM-IPM Intellectual Property Management to acquire the rights to use intellectual property (IP) from a third party. It is used to define the terms and conditions of the agreement between the two parties, such as the duration of the contract, the scope of the rights granted, and any fees or royalties that must be paid. 
  
  How to use it: 
  In SAP CRM-IM-IPM Intellectual Property Management, a Rights Acquisition Contract (RAC) is created by entering the details of the agreement between two parties. This includes information such as the duration of the contract, the scope of rights granted, and any fees or royalties that must be paid. Once all of this information has been entered, the contract can be signed by both parties and stored in SAP for future reference. 
  
  Tips & Tricks: 
  When creating a Rights Acquisition Contract (RAC) in SAP CRM-IM-IPM Intellectual Property Management, it is important to ensure that all of the details are accurate and up-to-date. This includes making sure that all fees and royalties are correctly calculated and that any changes to the agreement are documented. Additionally, it is important to ensure that both parties have signed off on the contract before it is stored in SAP. 
  
  Related Information: 
  For more information on Rights Acquisition Contracts (RACs) in SAP CRM-IM-IPM Intellectual Property Management, please refer to SAP Help Portal or contact your local SAP representative. Additionally, there are many online resources available which provide further information on this topic.