A Intellectual Property Purchase Agreement is a contract that outlines the terms and conditions of buying or selling intellectual property (IP) rights. It sets out how each party will use the IP, and contains provisions to ensure that both parties are adequately protected in the event of a dispute. The agreement outlines exactly who owns the IP and under what circumstances it may be used, modified or assigned to third parties. In addition, the agreement identifies any restrictions on its use, such as limitations on disclosure and copyright claims. By having a clearly-defined purchase agreement in place, companies can protect their IP from exploitation and misuse, while also creating a secure framework for innovation and collaboration.