Posted Dec 01, 2010 06:40 am CST
Creating legal forms by online committee may seem like a dreadful idea, but not to John Murdock III of the ABA Model Intellectual Property Security Agreement Task Force.
The task force is spearheading an online project using software to create a model IP security agreement. Software developed by Minneapolis-based KIIAC analyzed 105 IP security agreements pulled from the EDGAR database of online corporate financial information and coughed out a report tallying how often every provision appeared in the agreements.
“The software processes the agreements and creates a standard of an IP security agreement and all the variations on it,” explains Kingsley Martin, president and CEO of KIIAC. “I used to do this manually, and it would take three months just to create a standard form and all the variations because I had to read them all.
“This program can create the structure and the clause library in two minutes. We can then use the standard to do research, create model forms or benchmark other documents against it to determine whether you have the terms typically in that document.”
Task force members are now converging online to analyze and vote on which of the most and least common provisions are necessary and where wording should be massaged. Votes will be gathered through Dec. 1.
YouTube: Video of provisions.
Survey: Vote here on the provisions to keep.