The complex and evolving relationship among intellectual property owners, consumers and upstream supply chain partners are forever changing. With this in mind, IBS has developed Rightsmaster, a specialized software module designed to manage the complexities of contracts, rights and royalties in any medium.
The Rightsmaster Contract Management capability provides an intuitive workflow for building and approving contract parameters. It contains a centralized repository of all the conditions and variables around the contract. Most significantly, it tracks the complete inventory of rights to be acquired or licensed and is integrated with the financial solution to handle all of the detailed financial obligations, such as royalties and rebates. Functionality includes:
- Unlimited contract clauses for specific sales and financial agreements
- A complete set of primary and subsidiary rights under specified conditions
- Significant flexibility in detailing royalty and license rates:
- Unit value, fixed value, or percentage value rates
- Tiered targets with sliding price basis ranges and rates
- Prevailing rates
- Milestones, advances and advance groups for grouping royalty offsets
- Tracking and managing reserves, credits and rebates
- Gratis and sample copy delivery
The Rightsmaster Works Management function stores the detailed information on the intellectual property so it is identified separately from the commercial product. In Works Management, a product or a grant of license is associated to one or many works and, in turn, a work is associated to its contract. In this way, when a product is sold or a subsidiary right is licensed, the associated work(s) and their online contracts are accessed to compute collections and or payments due.
Works Management also enables the splitting of intellectual property into fragments and identifying the fragments independently in hierarchical relationship. There is no limit to the way an original work can be split and identified. These fragments can then be combined with fragments of other works to form new products, while always retaining their association to the original contract.
Because all transactions processed are in real-time, the Rightsmaster contract will immediately drive all of the associated financial processes, so your intellectual property rights negotiation terms are always up-to-the minute.