Tourism and Hospitality Newsletter

Business Case A business case captures the reasoning for initiating a project or task. It is normally presented as a well-structured written document, or presentation. The logic of the business case is that, whenever resources such as money or effort are consumed, they should be in support of a specific business need.
Business Plan A business plan is a formal statement/documentation of a set of business goals, the reasons why they are believed attainable, and the plan for reaching those goals. It may also contain background information about the organization or team attempting to reach those goals.
DD Due Diligence: is a term used for all the checks and evaluation of a business, IP or persons prior to signing a contract, or an act with a certain standard of care. It can be a legal obligation, but the term will more commonly apply to voluntary investigations.
Delivery Plan  The delivery plan sets out the governance structure and the actions, with timescales and responsibilities, that will be taken to support the implementation of the project.
FTO  Freedom to Operate - the limits of commercial activity which do not infringe upon other intellectual property rights.
IBC Initial Business Case
IBD Internal Business Development
ID Innovation Disclosure
IDF Innovation Disclosure Form
IP Intellectual Property
IP Commercialisation Team Intellectual Property Commercialisation team made up of staff from Research & Innovation
KE&IPComm  Knowledge Exploitation and Intellectual Property Commercialisation
Mgmt  Management
MTA  Material Transfer Agreement
NDA  Non-Disclosure Agreement
Term sheet  A bullet-point document outlining the material terms and conditions of a business transaction/agreement. After a Term Sheet has been "executed", it guides legal counsel in the preparation of a proposed "final agreement". It then guides, but is not necessarily binding, as the signatories negotiate, usually with legal counsel, the final terms of their agreement. It may be either binding or non-binding.
UEG University Executive Group