A license is a mere permission to make, use, or sell the patented or secret process. In effect, it is a waiver of the owner's right to sue for infringement. Accordingly, a licensee does not acquire legal title to the patent right or process. An exclusive license gives the licensee the right to use the patent or process free from any infringement suit, and the right to exclude all others. A nonexclusive license grants a privilege of protection from infringement claims by the owner of the patent or process.
.A New Jersey Non-Exclusive License Agreement for Exploitation of a Secret Process is a legal document that outlines the terms and conditions for granting a non-exclusive license to a third party to use and exploit a secret process. This agreement is relevant for businesses or individuals who possess valuable trade secrets and wish to grant others the right to use and benefit from these secrets while still maintaining ownership and control over them. Keywords: New Jersey, non-exclusive license agreement, exploitation, secret process, trade secrets, terms and conditions, third party, use, ownership, control. Types of New Jersey Non-Exclusive License Agreement for Exploitation of a Secret Process: 1. General Non-Exclusive License Agreement: This is the standard type of agreement that allows the licensee to use the secret process for a specified period while the licensor retains the rights to offer licenses to other parties as well. 2. Limited Term Non-Exclusive License Agreement: This type of agreement grants the licensee the right to exploit the secret process for a limited period, after which the license expires. It provides flexibility for the licensor to reassess the terms of the license in the future. 3. Royalty-Based Non-Exclusive License Agreement: In this agreement, the licensee pays royalties or a percentage of the profits earned from exploiting the secret process to the licensor. The terms and conditions regarding royalty payments are explicitly outlined in the agreement. 4. Exclusive Non-Exclusive License Agreement: Although seemingly contradictory, this type of agreement grants the licensee exclusive rights to use and exploit the secret process within a specific industry or geographical region. However, the licensor maintains the ability to grant non-exclusive licenses to other parties outside the agreed scope. Each type of New Jersey Non-Exclusive License Agreement for Exploitation of a Secret Process caters to different business needs and goals, allowing the licensor to strategically control the use and exploitation of their valuable trade secrets while still benefiting financially from licensing arrangements.
