Intellectual property [IP] refers to ‘creations of the mind’. There are two broad classes of intellectual property: artistic creations covered by copyright, and industrial property. Industrial property includes patents to protect inventions, industrial designs, trademarks, service marks, commercial names and trade secrets. Most sets of terms and conditions have clauses addressing ownership of intellectual property, as many procurement contracts seek to acquire intellectual property as deliverables of the agreement. For example, terms may seek to clarify that pre-existing IP belongs to the respective owners, but new IP that the parties plan to create as part of a new contract, belongs to the buyer.