Intellectual property (IP) clause

The part of a contract that says who owns what the supplier builds. Public software contracts increasingly ask for source code to be owned by the buyer or released as open source.

Also called: IP ownership

Related terms

Statement of work (SOW)

The part of a tender or contract that says exactly what the supplier will do: tasks, deliverables, timelines and acceptance. It is the first thing to read in any IT tender.