We propose and evaluate contractual- and Intellectual Property (IP) instruments in support of research collaboration partnerships between universities and the Small, Medium and Micro Enterprises (SMME)-industry, and more specifically in the South African context. Interviews were conducted with executives from 11 South African originated SMME's in the high-technology industry. The findings of this study and potential solutions were then verified and validated with SMME's, large multinational industry and universities (in South Africa and international) and can be considered as good practice principles to assist in industry-university collaboration (IUC). One aspect that was reported with high occurrence, is the matter of IP valuation, as it can often create further barriers in IUC. The question regarding how to value the IP and any rights relating thereto (IPR's), is attended to in this study and shared experiences from industry and universities provide insights in the considerations and principles to be used when entering discussions regarding IP valuation.