It is important to correctly identify the parties with respect to their obligations under the agreement. Under an IP Transfer Agreement, the party that owns the IP (the assignor) will be transferring it to the other party (the assignee). It is important to be clear which party is the assignor and which is the assignee. If both are assigning IP to each other, it is important to have a schedule which clearly identifies the IP which each party is assigning. The correct legal name of the parties should be used.