Define: State of the Art Technology

How is State of the Art Technology defined in a legal contract?

• State of the Art Technology means up-to-date technology reflected in equipment or procedures that when applied at a significant facility results in a noteworthy reduction in the likelihood of a discharge. This technology indicates an advancement in reduction of leaks or discharges and has been shown at a similar facility to be efficient in commercial operation or in a trial operation on a scale large enough to be converted into commercial operation. The technology should be in the public domain at a cost reasonable with the reduction in the probability of leaks or discharges achieved. Seen in 4 SEC filings
• State of the Art Technology means, the installation permits the recovery of controlled substances as well the extraction of cyclopentane and meets the requirements as per a specified [clause]. Seen in 1 SEC filing
• State of the Art Technology or Leading Edge Technology means the highest level of development, such as a device, technique, or scientific field achieved at a particular time. However, the technology should not have been in commercial use anywhere before a specified date. Seen in 1 SEC filing
• State of the Art Technology or Leading Edge Technology means the highest level of certain development. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of state of the art technology' yourself to verify these results. We are always keen to point people to source

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

State of the Art Technology means the latest, well-tested innovations that significantly reduce risks or increase efficiency in a commercial setting.

Relevant Contract Types

• Technology Transfer Agreements
• Software Development Contracts
• Manufacturing and Supply Contracts

Relevant Circumstances

• Business collaborations involving technology exchanges.
• Partnerships involving the development or enhancement of technical applications.
• The manufacture and supply of technical equipment or software products.

Relevant Sectors

• Technology
• Pharmaceuticals
• Automotive Industry
• Energy

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Genie Definition 2

State of the Art Technology means the highest current development level of a device, method, or field, unused commercially before [date].

Relevant Contract Types

• Intellectual Property Licensing Agreements
• Research and Development Agreements
• Consultancy Agreements

Relevant Circumstances

• Consulting situations where guidance is needed to capitalize on uncommercialized technology.
• Licensing of patent-pending or newly patented technology.

Relevant Sectors

• Biotechnology
• Information Technology
• Digital Marketing
• Data Analysis

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