Practical Agreement Meaning

With regard to industrial property (now generally regarded as intellectual property or intellectual property), know-how is an element of technology transfer in the national and international context, coexisting or separate with other intellectual property rights such as patents, trademarks and copyrights, and constitutes an economic advantage. [1] If passed on, the know-how must be turned into a legal secret before transmission. In order to avoid contractual inconsistencies and gaps, it is also important to ensure that all contracts relating to the same project (including property, construction, professional services and financing contracts) define practical completion for all practical purposes in identical terms. On June 30, 1998, Sino, the purchaser, objected to the completion of the agreement and argued that Hang Lung, the seller, had refused the agreement while the seller had received practical certifications in connection with the construction and equipment contracts as well as the occupancy and hotel license. The reasons given by the buyer for the seller`s refoulement were broad, including complaints about the standard of fittings and issues related to the requirements and whether the seller had a good title. The seller rejected the allegation of refusal and in turn claimed that the buyer had refused the agreement by refusing to enter into it. Following the recent decision of the Hong Kong Court of Appeal in Mariner International Hotels Ltd/Atlas Ltd, the term „practical completion“ in construction contracts in Hong Kong is now a legal form that means a situation in which works are considered petty without patent error. Two of Hong Kong`s major real estate groups, Sino and Hang Lung, have reached an agreement to sell and purchase a hotel. In that case, the applicants belonged to Sino Group, while the respondents belonged to Hang Lung Group. The hotel was under construction when the contract was signed on December 19, 1996. The agreement was to be completed by June 30, 1998 and depended on various events, one of which was virtually complete. The clause that required practical completion was that the Tribunal justified its decision by its definition of „practical supplement“ in the framework of the agreement, since the seller refused the agreement.

It is unlikely that the number of practical issues will be resolved. If the parties believe that practical finalization is likely to be controversial from the outset, or if it is particularly important to one party, they should consider including an explicit definition in the treaty, provided that such a definition is carefully considered and formulated to avoid further litigation. The term „practical completion“ was not defined in the agreement. The trial judge found that the practical certifications in the construction contract and the hotel`s equipment contracts met the seller`s requirement after the practical completion of the agreement. The dispute related to a lease agreement between Mears (the tenant), PNSL (the lessor) and Pickstock (the developer). Mears agreed to obtain a 21-year lease from PNSL for two student residences in Plymouth for an annual rent of $1,666,667 once construction is completed. Whether it`s a landlord, developer or tenant, if you have critical requirements for things like network rental space or the size of individual spaces, it`s important that the contracts in question make it clear that compliance with these requirements is a prerequisite for certification of practical completion.