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Registering and finalizing Contracts

License terms agreed upon by the IP Provider and the Partner are recorded within the project. Once a Contract reaches the Approved status, the Partner can register Concepts and Products within those terms, and if the IP Provider has enabled the Label issuance permission, they can also apply for Label issuance.

Who uses it

Role Access path
IP Provider manager/administrator Projects β†’ Left menu Contracts
Partner member Projects β†’ Left menu Contracts

IP Providers manage all contracts, including drafts. Partners can only view their own company's contracts that have completed internal approval within the projects they participate in.

Core concepts

Contracts: Belong to a single project and contain the details of a license agreement with a specific Partner. They include the contract period, settlement conditions, Label issuance authority, contract conditions by IP, etc.

Contract status: Divided into four types.

Status Meaning
Awaiting internal approval A draft under review within the IP Provider. Not visible to the Partner
Approved A contract made visible to the Partner after internal approval is complete. Concept and Products registration opens, and if Label issuance authority is turned on, Label issuance applications are also possible
Expired Automatically expired after the end date has passed
Terminated Early terminated by the IP Provider

Label issuance authority: The name of the area in the contract details and contract registration form. When Label issuance is turned on, Partners can apply for genuine label (sticker) issuance. If turned off, the application screen does not open. The stage movement of Products proceeds regardless of this authority.

Contract conditions by IP: The place in the contract where different royalty rates are given for each held IP. Each entry contains the held IP, global category, calculation basis, label type, royalty rate, and label unit price.

IPs not registered here can still be used in Products. In that case, calculations are made using the contract's default royalty rate and default label unit price. If no conditions are registered, it does not mean settings are missing, but rather that the same rate applies to all IPs.

Contract approval person: The person who will approve (activate) the contract. There is no approval workflow section in the contract itself. Who receives the contract approval is designated in Contract approval person on the Settings β†’ Project edit screen of the project details, and contract approval is performed by an IP Provider administrator who has received that designation.

If not designated, all IP Provider administrators can approve. This is to prevent unassigned projects from being completely blocked. Workspace owners can always approve regardless of designation.

Multi-step approvals where multiple people go through approval in order are in Approval types rather than Contracts (designating the persons in charge for approval types in order). That feature is currently untouched until real demand is confirmed.

Contract renewal and Concept inheritance: When a new contract is signed with the same Partner after a contract expires, Concepts approved in the previous contract automatically inherit the company's current Approved contract. New Products can be created under the renewal contract without having to resubmit Concepts.

How to use

Partner Perspective

Checking Contract Status

  1. Click Contracts in the left project menu.
  2. Click the contract title in the list to enter the detail screen.
  3. On the detail screen, check the contract period, settlement terms, label issuance rights, and the list of contract terms by IP.
  4. Check whether Label issuance is turned on in the Label issuance rights area. If it is turned off, the Partner cannot proceed with a label issuance request.

Contract Detail β€” Period, rates, terms, and contract terms by IP

Since drafts are internal review documents for the IP Provider, they are not displayed on the Partner screen. Once the IP Provider completes internal approval, the contract is published in the Approved status and a notification is sent.

IP Provider/Operator View

Contract registration

  1. Click the Contracts β†’ Contract registration button in the left project menu.
  2. Enter the fields in the table below.
  3. Clicking Save creates the contract in the Awaiting internal approval status and sends a notification to the IP Provider internal approver.

These are the fields entered on the contract registration screen.

Field Description
Contract name Name for internal identification
Target partner Select the Partner participating in this project
Partner contact Person at the Partner who will review this contract. This is not approval authority
Contract period Start date and end date (required upon internal approval)
Contract summary Summary of key contract terms
Minimum Guarantee (MG) Includes contract currency, applicable exchange rate, MG settlement method, and settlement cycle
Default royalty rate (%) Default value applied when there are no IP-specific contract terms or the field is empty
Default label unit price Applied when there is no label unit price in the IP-specific contract terms
Sales territory restrictions Example: South Korea, Japan
Label issuance authority Whether label issuance requests are allowed
Attached documents Required. PDF, PNG, JPEG (under 200MB each)

Contract internal approval and publication

  1. Review the details on the contract details screen.
  2. Edit first if necessary (conditions can only be modified while in the Awaiting internal approval status).
  3. Click the Approve contract button at the bottom to switch to Approved. If the start date or end date is empty, it will be blocked here.
  4. The approved contract is published to the Partner and a notification is sent to Partner members.

Managing IP-specific contract terms

You can manage IP-specific contract terms on the contract details screen. Register them only when royalty rates differ by IP. IPs without registered terms will be calculated using the contract default rates.

Terms are registered one by one based on owned IPs, and the following fields are entered:

Field Description
Owned IP Select an owned IP registered in the workspace. Required, one entry per IP per contract
Global category Product classification specified in the contract. Example: Apparel, Stationery
Calculation basis Whether the royalty base amount should be the product's recommended retail price or factory price
Label type Label type to apply to this condition (optional)
Royalty rate Uses the contract's default royalty rate if left blank
Label unit price Uses the contract's default label unit price if left blank

When registering new terms, the default royalty rate and default label unit price set for that owned IP are populated first, and those values are modified to fit the contract and saved.

Contract terms can be added or modified in the Awaiting internal approval and Approved statuses. Terms for Expired or Terminated contracts cannot be modified. When royalty rates or unit prices are modified, the amounts for labels still in Requested or Approved statuses are recalculated, but already issued labels remain at the amount from the time of issuance.

Contract termination

Contracts can only be terminated when they are in the Approved status. Termination cannot be undone.

  1. Click the Early termination button at the bottom of the contract details screen.
  2. If you agree in the confirmation popup, the contract transitions to the Terminated status.

Status and rules

Status Transition Flow

Awaiting internal approval β†’ Approved β†’ Expired  [Automatic, end date passed]
                                     β†’ Terminated [IP Provider manual]

Deletion is only possible in the Awaiting internal approval status. Contracts in Approved, Expired, or Terminated status cannot be deleted.

Role-based Permissions

Action IP Provider Admin IP Provider Approver Partner Member
View contract list and details All All Approved, expired, and terminated contracts of own company
Register contract O X (Admin only) X
Edit conditions (Awaiting internal approval status) O X (Admin only) X
Change contract name (All statuses) O X (Admin only) X
Delete contract O X (Admin only) X
Approve contract O X (Admin only) X
Terminate contract O X (Admin only) X
Open attached document in new window O O O

There is one additional condition for contract approval β€” in projects where a contract approval manager is assigned, only the designated admin can click it. Workspace owners can click it at any time regardless of the assignment.

Conditions for Label issuance to open

You can apply for Label issuance for the corresponding Products only when Label issuance for the Contract is turned on, the Contract is in the Approved status, and the end date has not passed. You cannot apply for Label issuance if permissions are turned off or if the Contract is in Expired or Terminated status. For Contracts past their end date, applications are blocked even if the status still appears as Approved.

Contract currency and exchange rate

If the contract currency is different from the workspace base currency, you must enter the applicable exchange rate. The exchange rate is the value representing how much 1 unit of the contract currency is in the base currency, and market rates are not fetched automatically. The available currencies are KRW, JPY, USD, EUR, and CNY.

Settlement comparisons and MG status are all converted and displayed in the base currency. The base currency is set in the workspace settings, and the default is KRW. Because the base currency at the time the contract is created is recorded together in the contract, changing the workspace base currency later does not change the meaning of the amounts in already concluded contracts.

Frequently encountered situations / Cautions

Contract drafts are not visible on the Partner screen. This is normal behavior. Drafts are not exposed until the IP Provider's internal review is complete. Once the Contracts are approved, they will appear in the list and Notifications will be sent.

The "Approve contract" button is not visible on the IP Provider screen. Contract approval requires IP Provider administrator privileges. Also, if a contract approval person in charge is designated for this project, only that person can click it. Check with your workspace administrator for permissions and the assignment of the person in charge.

I want to modify an approved contract. For approved contracts, only the contract name can be changed. Period, rates, rights, and documents are conditions agreed upon with the Partner and cannot be changed. If conditions must be changed, Terminated the contract and create a new contract. As an exception, for rates, contract conditions per IP can be added or modified even in approved contracts.

The contract remains as "Approved" even though the period has passed. Entering the contract details screen allows the system to automatically check for expiration and update the status. Batch jobs also process expirations periodically.

The Partner says they cannot request Label issuance. Check if Label issuance is turned on in the Label issuance permissions area of the contract details. If it is turned off, Terminated and re-contract, or edit and turn it on if the contract is still in Awaiting internal approval.

Can I create Products using approved Concepts from a previous contract? Yes. Even if a contract with approved Concepts expires, if there is a new Approved contract with the same Partner, the new contract automatically inherits those Concepts. There is no need to submit and get approval for the Concepts again.

Where do I set who will approve Contracts? It is the Contract approval person in charge located in the Settings β†’ Edit project screen of the project details. That field is not in the contract registration form. If not designated, all IP Provider administrators can approve.

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