The webinar named “PolyU
Startup’s Guide: Navigating Contractual Matters” organized by KTEO, PolyU on 13th
Apr 2023. Ms. Sandy Chui (Attorney at-Law, Guanghe Law Firm) was the guest
speaker. Her topics mainly covered General Principle of Contract, MOU &
NDA, Contract for Startup, Liabilities for Breach and Disputes Resolution.
Firstly, Ms. Sandy Chui
introduced general principle of contract including equal & fair, voluntary,
in good faith and legally binding. Eventhough contract is not necessary by
writing, it had better in written form.
Then Ms. Chui said contract
had three stages and they are offer, acceptance and consideration. The common
clauses of contract or agreement were discussed.
And then she briefed the
Memorandum of Understanding (MOU) and Non-disclosure agreement (NDA) that MOU
is not legally binding but NDA is legally binding contract.
After that contracts for
startups are discussed especially on shareholders’ agreement. In order to
protect the company, shareholders ownership, transfer arrangement and dissolution
should be designed in the early stage. The copyright in a work was concerned.
For works created by an employee within his normal duties of employment, the
copyright in the work belongs to the employer, unless there is an agreement to
the contrary.
Finally, Ms. Chui briefed
the liabilities for breach and explained the entrusted shareholding agreement.
Lastly, she stated the
disputes resolution including Litigation (The judge or the jury is responsible
for weighing the evidence and making a ruling), Arbitration (A neutral third
party serves as a judge without appeal) and Mediation (A neutral third party to
help disputants come to a consensus on their own).
During Q&A, I asked if
IP using staff name and ownership still become to the company. Ms. Sandy Chui
said it should be based on the contract design. Another question was about
staff contract with Code of Conduct but not necessary involved NDA after left
the company.
Reference:
KTEO - https://www.polyu.edu.hk/kteo/
20230331: PolyU
Online Workshop - Taxation in Mainland China and HK - https://qualityalchemist.blogspot.com/2023/03/polyu-online-workshop-taxation-in.html
20230323: PolyU
Startup’s Guide: Setting up a company in Mainland China - https://qualityalchemist.blogspot.com/2023/03/polyu-startups-guide-setting-up-company.html
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