A Bill for an Act to Amend the National Office for Technology Acquisition and Promotion (Notap) Act to Change the Use of the Word National Interest to Public Benefit and to Increase the Period Provided for a Term of Contract as Prerequisite to Registration of the Document Under this Act From 10 Years to 20 Years and for Related Matters

Abstract

This Bill seeks to amend the 10 year provision, increasing it to 20 years to provide ample time frame for foreign brand owners involved in the transfer of technology to have made considerable profit before the expiration period of the contract. This Bill also seeks to clear the ambiguity and difficulty in explaining the term National Interest which necessitates its removal and the introduction of a new term which is much easier in application and explanation; thereby making it easier for the foreign brand owners to present the public benefit occasioned by the brand in the process of the renewal of NOTAP contracts.