As a result of the unavailability of the requisite technology in Nigeria entrepreneurs/enterprises resort to relying on foreign technology providers to provide them with the required technologies and intangible exposure in technology and management.
These resorting to foreign technology providers result into executing Technology Transfer Agreements (TTA) between the Nigerian enterprises/entrepreneurs and the foreign technology providers providing technology in any of the following forms:
a) Management services,
b) Consultancy services,
c) Technical know-how,
d) Trademarks license,
e) Franchise,
f) Technical services,
g) Software license
h) Research and development
b) Consultancy services,
c) Technical know-how,
d) Trademarks license,
e) Franchise,
f) Technical services,
g) Software license
h) Research and development
Registration:
All TTA must be registered with the National Office for Technology Acquisition and Promotion (NOTAP) within thirty (30) days of their execution. NOTAP will not register the TTA if its terms are not in accordance with the provisions of the NOTAP Act.
Effect of Non-Registration:
No payment shall be made in Nigeria to the credit of any person outside Nigeria by or on the authority of the Federal Ministry of Finance, Central Bank of Nigeria or any licensed bank in Nigeria in respect of any payments due under a TTA unless a certificate of registration issued by NOTAP is presented by the parties or a party to the TTA together with a copy of the TTA certified by NOTAP.
You may contact Akintunde Esan for further information on TTA and its registration with NOTAP.
For more legal discourses of Akintunde Esan visit or click https://akintundeesan.blogspot.com
just got the answer to all my question relating to NOTAP. Thanks
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