Chapter 12 relates to the duration, term and renewal of IP licenses and licensing agreements. Distinctions are made between term limited, perpetual and irrevocable licenses and obligations (Warner-Lambert vs. John J. Reynolds). Different events of termination are described, including termination for convenience and for cause. Attention is given to the different parameters surrounding breach of contract, including materiality, notice, cure and excuse, and escrow of disputed sums. Statutory termination rights under copyright law are also addressed. Finally, the effects of termination and survival of particular contractual clauses are discussed, including transition assistance, assignment of sublicenses and transitional licenses.

Financial markets litigants may, for different reasons, seek to bypass the legal landscape discussed thus far. Where parties have agreed to contracts expressly selecting English law and, in some version of a jurisdiction clause, the English courts, this may give rise to a preliminary dispute about the effects of the parties’ contractual choices. If so, the result is a classic example of what Robert Wai refers to as ‘“touchdown” points’ between a private regime and state law. The concern of the current and the following chapter is how the English courts navigate challenges to the choice of jurisdiction and governing law provided for in derivatives contracts, and the related legal issues that arise as a result of the global reach of the modern OTC markets. The principal focus here is claims arising out of or connected to the parties’ contract; where allegations relate to a broader, fraudulent scheme, the tort of conspiracy or deceit different principles will apply to determine governing law and jurisdiction.