A contract is a legally binding agreement in which an organisation or individual offers the terms and conditions of the contract to one or more parties followed by a process of negotiation, acceptance, and agreement to the offered terms. 

Before a contract can be deemed enforceable by law, the process of consideration must take place, which means all parties must mutually consent to the terms and conditions of the contract. I.e. Party A promises to provide a service in return for Party B’s payment.

A vital element to consider when drawing up a legal contract is the intention of all parties. For example, in some cases there is no initial intention to make an agreement legally binding, therefore it cannot be classified as a contract by law. It is sometimes assumed that an agreement is legally binding, especially when dealing with commercial contracts.

Intellectual property (IP) is an organisations ownership of a unique concept, which could come in the form of a new invention or product, branding or even a trademark name.

Small companies, in particular run the risk of competitors stealing their IP, resulting in loss of market share. Therefore, it is vital that organisations implement efficient measures to avoid duplication of their intellectual property.

The protection of intellectual property Is different for every business; however, all organisations should automatically obtain intellectual property rights to a certain extent. Although, an organisation may have to register their IP, depending on the type of intellectual property they have.