Legal Agreements and Pitfalls to Avoid with Olisa Agbakoba Legal

Ayobamigbe 

A bit Intro about Seni.

Olaseni was called to the bar in 2015, joined the firm of Olisa Agbakoba Legal in 2016. I am a member of the dispute resolution team and corporate/commercial practice group of the firm.

Thank you @Olaseni Aka-Bashorun  few more Ayo’s will make the Nigeria a great Nation but it’s more about you than me sir!

@Olaseni Aka-Bashorun has shown significant experience in areas of civil, commercial, labor and administrative law which he has brought to bear in cases he handles at the firm. Olaseni is a seasoned intellectual property (IP) practitioner, always providing cutting edge solutions to legal issues with his in-depth experience in matters and issues bothering on intellectual property rights and law

Olaseni is a gem, he works with clients o develop and execute offensive or defensive strategies, as appropriate, to achieve optimal outcomes in distressed and special situations. He is an astute professionals, a gregarious man and a team player!

You have the floor @Olaseni Aka-Bashorun


Olaseni Aka-Bashorun 

Thank you Ayobamigbe. I am glad to be on this platform to share knowledge on the intricacies of legal agreements. I promise to do away with the legalese and make my messages as simple and concise as possible. Should i veer away from this promise, please do well to put me in check. Lol


Ayobamigbe 

Thank you for that Seni, I will sure make sure this is just all about IP, thank you for your time.

Can you start with brief introduction to Intellectual Property


Olaseni Aka-Bashorun

Intellectual Property simply put is the fruit of your labor, it is the product of your creativity, that the law protects from being stolen by others. They are intangible rights conferred over certain rights, such as copyright, trademark and patent.


Ayobamigbe 

Intellectual Property has been seen as a very interesting topic for us here in Nigeria as we copy and paste a lot. What are the real fruits and how to we keep our fruits


Olaseni Aka-Bashorun
So like i said Intellectual Property rights essentially revolves around copyright, trademark and patent. For copyright, the law has established that there are certain works that have copyright and they are six in number, namely- Literary Work, Artistic Work, Musical Work, Cinematograph, Sound Recordings and Broadcast.

A brief definition of copyright is that it protects the expression of an idea in a definite form, this suggests that an idea, in its abstract form doesnt have protection under copyright, except it is writing down or printed or stored in a any form  through which it is capable of being perceived by the public. Ideas on the other hand can be protected under the Breach of Confidence, which is that you shared your idea with someone and they are bound with a duty of confidence, which if it is breached you can sue them


Ayobamigbe 

We work with a lot of developer, designers and so on and we hear a lot of that man stole my idea, and he just tricked me to sharing my knowledge, how do we make out ideas and brainwork dynamic and secured?


Olaseni Aka-Bashorun

So the way I will advise for your idea to be protected is have an NDA in place at the point of discussing your idea with someone or we go the route of the duty of confidence but some factors have to be proved before you can succeed under a claim of breach of confidence


Ayobamigbe

But then someone wants to help me and he is promising me money to implements my thought process how do we have a culture that makes an NDA friendly.


Olaseni Aka-Bashorun

Ideas are not protectable under intellectual property law essentially


Ayobamigbe 

Now we understand, your basic idea is a free entity. So what can be protected my law is it a well thought out and written plan?


Olaseni Aka-Bashorun 

Hmmmmm. About imbibing a culture that is NDA friendly, i think the way to go is that at the point of sharing your idea with anyone, if they show signs of not wanting to sign your NDA, just flee or better still share it and bring a claim of breach of confidence if you see that your idea is being executed by the person you shared it with

Ideas are seen as building blocks, they are in the public domain. That is why Uber and Taxify can compete in the same market without saying an idea was stolen. It is only the mode of operation that differs and that's where software copyright comes to play.


Ayobamigbe 

Thank you about briefing us about Legal terms that works with IPs so what are the pitfalls to avoid.


Olaseni Aka-Bashorun 

Okay so when going into an agreement, there are a couple of things that you should be mindful of. Foremost being the Term/Duration of the agreement, contracts should not be in perpetuity. There should be certainty of time, which means, a specific start and end time which would then be subject to renewal if the parties are cool with that

Secondly, intentional verbosity of clauses. Most lawyers derive pleasure in confusing their audience, so if there are clauses in your agreement that you don't understand, you should ask for clarity from either the person giving you the contract, the person's lawyer or your lawyer.


Ayobamigbe 

Yes @Olaseni Aka-Bashorun you people like Big words and it’s more harmful for us :smiley:


Olaseni Aka-Bashorun 

Thirdly, be sure who the parties to the contract are so that you know who is responsible for what and who should be held accountable/liable when something goes wrong in the contract

Also copyright, ensure that your copyright over your work is expressly stated to be yours and that the other party can lay no claim to it or that you are not devolving your copyright or any of your intellectual property rights by entering into the agreement


Ayobamigbe

Hmmm, so also for partnerships and co-owned initiatives how best can work things out when you don’t have a split formula


Oyewole 

Great conversation @Olaseni Aka-Bashorun

A quick question though, is it possible to place value on Intellectual Property? If yes, how do you then value it?


Gozie Udemba 

@Olaseni Aka-Bashorun You mentioned the types of work that are covered by copyright. Are software protected by copyright in Nigeria?


Olaseni Aka-Bashorun 

Good question Oyewole. The value that is placed on intellectual property emanates from the individual, taking into consideration the time, effort and industry expended into the work to make it yours. It is the product of your brain, you should determine what its worth.


Oyewole 

@Olaseni Aka-Bashorun So this means the value placed is at my discretion... Hmmm......


Ayobamigbe 

Great, so @Olaseni Aka-Bashorun can you talk about some of the services you will be offering at the ‘Built to last in Africa’ event and how attractive your pricing will be specifically for us in the EDG!


Olaseni Aka-Bashorun

Our Legal Services will be broken into 3 packages which are:

OAL Starter Package (N75,000- N150,000)

Services include:

Review of 5 Agreements/Legal Documents

Provision of 2 Legal Document Templates for the business

Provision of Regulatory and Compliance Advisory with respect to the

specific industry the business operates in.

Package Validity is (3months)


OAL Early Stage Package (N 150,000-N250,000)

Services Include:

Review of 10 Agreements/Legal Documents

Provision of 5 Legal Document Templates for the Business

Provision of Regulatory and Compliance Advisory with respect to the specific

industry the business operates in.

Negotiation and Business Advisory.

Package Validity is (6months)


OAL Pro Package (N200,000 and above)

Services Include:

Trademark Registration

Review of 10 Agreements/Legal Documents

Provision of 10 Legal Documents Templates for the Business

Provision of Business Advisory

Negotiation

Regulatory and Compliance Advisory with respect to the specific industry

the business operates in.

Package Validity is (9months)


Stand Alone Services

Company Incorporation Services

General Business Litigation

General Business Dispute Resolution and Mediation Services

Sean, what do you think?


Ettie I. (Ingressive)

@Olaseni Aka-Bashorun good evening  to you, the services are for monthly duration, is there something for an EDG member who wants a single service

Like a one-off ?


Olaseni Aka-Bashorun

Good Evening Ettie, yes but it will be based on assessment of the task we are given to do. I won't be able to say right now but be sure that we are aware of the peculiarity of the players in this community and our costs are tech-friendly.


Ayobamigbe 

Thank you so much @Olaseni Aka-Bashorun your time with on this webinar has been productive and we appreciate all the resources and knowledge shared. We hope to have you at the ‘Built to last in Africa’ for further conversations and one on ones.

Do have a great evening, thank you for your time :pray::skin-tone-4:


Olaseni Aka-Bashorun 

Thank you. Have a good evening

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