Vietnam: When shall the technology transfer agreement take effect?

Vietnam: When shall the technology transfer agreement take effect?
Lê Hải

A technology transfer agreement must be concluded in writing or in any forms which are considered as written transactions under regulations of the Civil Code of Vietnam.

According to the Law on Technology Transfer 2017 of Vietnam, duration and effective date of the technology transfer agreement are specified as follows:

- Duration of a technology transfer agreement shall be agreed upon by the parties.

- The effective date of a technology transfer agreement shall be agreed upon by the parties. In case the parties fail to agree on the effective date, the technology transfer agreement shall become effective as from the date on which it is signed.

- An agreement for transfer of technology restricted from transferring shall become effective as from the issued date of the technology transfer permit.

The technology transfer agreement which must be registered under regulations in Clause 1 and Clause 2 Article 31 of the Law on Technology Transfer 2017 of Vietnam shall become effective as from the issued date of Certificate of registration of technology transfer. 

If a technology transfer agreement is extended or revised, the written agreement on extension or revision shall become effective as from the issued date of Certificate of registration of technology transfer extension or revision.

This Law also stipulates contents of a technology transfer agreement, including:

- Name of technology to be transferred.

- Technologies to be transferred, products created by the transferred technology, their quality standards.

- Transfer of the ownership and/or the right to use technology.

- Method of technology transfer.

- Rights and obligations of the parties.

- Price and method of payment.

- Duration and effective date of the technology transfer agreement.

- Definitions and terms used in the technology transfer agreement (if any).

- Technology transfer plan or schedule, and location.

- Warranty on transferred technology.

- Penalty for breach of agreement.

- Liability for breach of agreement.

- Dispute resolution authority.

- Other contents agreed upon by the parties.

The agreement must be signed and sealed (if any) by the parties; all pages of the agreement or its appendixes must be initialed and sealed (if any). The language used in the agreement shall be agreed upon by the parties.

The Law on Technology Transfer 2017 of Vietnam officially takes effect from July 01, 2018.

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