A ‘Get Around Agreement’ or GAA is a convenient tool that allows two or more parties to work together on a project by establishing a mutually beneficial relationship. This agreement is used when one party owns certain resources, such as patents or trade secrets, while the other party has the expertise needed to develop and market a product based on those resources. A GAA outlines how the parties will work together and share in the profits generated by the project.
The primary goal of a GAA is to ensure that both parties benefit from the partnership. This is achieved by clearly defining the roles and responsibilities of each party, as well as outlining the terms under which the parties will share profits. Since intellectual property rights can be a contentious issue, a GAA also outlines how they will be shared or licensed.
While GAAs are used primarily in the tech industry, they can be used in any situation where two or more parties seek to benefit from working together. This type of agreement is particularly useful when one party holds knowledge or resources that are critical to the success of the project, but does not have the expertise to develop or market a product on their own.
When drafting a GAA, it is important to ensure that all parties are in agreement about the terms. This includes not only the role and responsibilities of each party, but also the financial terms of the agreement, such as how profits will be shared.
Additionally, it is important to consider the long-term implications of the agreement. Since GAAs are often used to develop new products or technologies, it is important to ensure that all parties have a clear understanding of how the product will be marketed and distributed. This includes determining who will be responsible for manufacturing, distribution, and sales.
Overall, a GAA is an effective way to bring together two or more parties to work collaboratively on a project. By outlining the roles and responsibilities of each party, as well as the financial terms and intellectual property rights, a GAA can help ensure that all parties benefit from the partnership. As with any legal agreement, it is important to seek the advice of a qualified attorney when drafting a GAA to ensure that the agreement protects the interests of all parties involved.