Cover up clause in RPT

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Aug 6th, 2022
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How to cover up clause in RPT

4.6 out of 5
72 votes

all right letamp;#39;s cover a topic that i often see get confused in agreements that we work on for clients iamp;#39;m going to talk about intellectual property ownership there are really thatamp;#39;s a little bit of a misnomer iamp;#39;m going to talk about ownership and then also licensing because those are the two competing ways that intellectual properties should change hands under the terms of an agreement so ownership when you assign ownership also commonly referred to as work for hire however theyamp;#39;re kind of whittling away what work for hire means so you should have language that assigns ownership of intellectual property if you wish to give ownership in an agreement so if you wish to just give the intellectual property any content that you create any creative work and by ownership i mean you give it to the other party you no longer have any rights any control you relinquish all of that to that other party thatamp;#39;s giving ownership or assigning ownership now

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Material Related Party Transaction: A transaction with a related party shall be considered material if the transaction(s) to be entered into individually or taken together with previous transactions during a financial year, exceeds ten percent of the annual consolidated turnover of the Company as per the last audited
Meaning of Related Party Transactions Sale/Purchase/Supply of goods/material directly or through an agent covering 10% or more of turnover OR one hundred Crores (whichever is lower). 2. Sale/Purchase of property directly or through an agent that is 10% or more of net worth OR one hundred Crores (whichever is lower).
The internal controls that are put in place should include the following at a minimum: processes to identify and monitor related party relationships. appropriate approval for transactions to be entered into with a related party. monitoring controls to identify such transactions and accounting thereof.
US GAAP and IFRS require the disclosure of all material related party transactions, while the SEC sets a $120,000 threshold for disclosure. Related party disclosures are crucial for maintaining financial transparency, exposing potential conflicts of interest, and deterring financial fraud.
2 Item 404 requires disclosure of a transaction involving more than $120,000 in which a related party had or will have a direct or indirect material interest, unless one of the enumerated exclusions applies.
The Securities and Exchange Commission (SEC) requires that all publicly traded companies disclose all transactions with related parties such as executives, associates, and family members in their quarterly 10-Q reports and their annual 10-K reports.
Related party transactions. the amount of the transactions. the amount of outstanding balances, including terms and conditions and guarantees. provisions for doubtful debts related to the amount of outstanding balances. expense recognised during the period in respect of bad or doubtful debts due from related parties.
Materiality Threshold - Ten percent (10%) of the Corporations total consolidated assets based on its latest audited financial statements. Related Party Registry - A record of the organizational and structural composition, including any change thereon, of the Corporation and its related parties.

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