Maryland Technology License Agreement regarding designing, developing and marketing Internet based electronic banking applications

• Category: Corporations - Public - Licenses
• State: Multi-State
• Control #: US-EG-9291
• Format: Word; Rich Text

Description

Technology License Agreement between 724 Solutions, Inc. and Bank of America National Trust and Savings Association regarding designing, developing and marketing Internet based electronic banking applications over a variety of access platforms dated Maryland Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications Introduction: The Maryland Technology License Agreement for designing, developing, and marketing internet-based electronic banking applications is a legal contract in the state of Maryland that governs the rights and responsibilities of parties involved in the creation, use, and distribution of technology focused on electronic banking applications. This agreement ensures that the technology is protected and used in accordance with the agreement terms. The agreement covers various aspects such as intellectual property rights, obligations, royalties, and limitations specific to internet-based electronic banking applications. Key Elements of the Maryland Technology License Agreement: 1. Intellectual Property Rights: The agreement outlines the ownership of intellectual property rights associated with the technology. It specifies whether the licensor or the licensee holds the rights to the developed technology, including copyrights, patents, trademarks, and trade secrets. 2. Licensing Terms: The agreement defines the scope and duration of the license granted by the licensor to the licensee. It specifies whether the license is exclusive or non-exclusive and outlines the geographical territory where it is applicable. 3. Design and Development Obligations: The Maryland Technology License Agreement includes provisions related to the design and development of internet-based electronic banking applications. It outlines the obligations of both parties, such as the responsibilities of the licensor to provide necessary technical support, updates, and maintenance of the software. 4. Confidentiality and Non-disclosure: To protect sensitive information, the agreement establishes provisions for the confidentiality and non-disclosure of proprietary and trade secret information shared between the licensor and the licensee. This ensures that both parties maintain the confidentiality of any information disclosed during the license agreement. 5. Royalties and Payments: The agreement sets out the financial terms, including royalties and payment structures. It details how the licensee will compensate the licensor for the use of the technology, outlining any upfront fees, ongoing royalties, or revenue sharing arrangements, if applicable. Types of Maryland Technology License Agreements for Internet-Based Electronic Banking Applications: 1. Exclusive License Agreement: An exclusive license agreement grants the licensee exclusive rights to use, develop, and market the technology within a specific geographic area or market. This type of agreement prohibits the licensor from licensing the technology to any other party, ensuring market exclusivity for the licensee. 2. Non-Exclusive License Agreement: A non-exclusive license agreement allows the licensee to use, develop, and market the technology alongside other licensees. The licensor retains the right to license the technology to multiple parties simultaneously. 3. Joint Venture Agreement: In certain instances, the Maryland Technology License Agreement may take the form of a joint venture agreement, where two or more parties collaborate to jointly develop, design, and market internet-based electronic banking applications. This agreement generally includes provisions related to profit sharing, decision-making, and resource allocation. Conclusion: The Maryland Technology License Agreement for designing, developing, and marketing internet-based electronic banking applications governs the legal aspects of technology licensing in Maryland. It ensures that parties involved in the creation, use, and distribution of internet-based electronic banking applications abide by the terms and conditions specified in the agreement. By addressing intellectual property, licensing terms, design and development obligations, confidentiality, and payments, this agreement establishes a framework that protects the interests of both the licensor and the licensee.

Maryland Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications Introduction: The Maryland Technology License Agreement for designing, developing, and marketing internet-based electronic banking applications is a legal contract in the state of Maryland that governs the rights and responsibilities of parties involved in the creation, use, and distribution of technology focused on electronic banking applications. This agreement ensures that the technology is protected and used in accordance with the agreement terms. The agreement covers various aspects such as intellectual property rights, obligations, royalties, and limitations specific to internet-based electronic banking applications. Key Elements of the Maryland Technology License Agreement: 1. Intellectual Property Rights: The agreement outlines the ownership of intellectual property rights associated with the technology. It specifies whether the licensor or the licensee holds the rights to the developed technology, including copyrights, patents, trademarks, and trade secrets. 2. Licensing Terms: The agreement defines the scope and duration of the license granted by the licensor to the licensee. It specifies whether the license is exclusive or non-exclusive and outlines the geographical territory where it is applicable. 3. Design and Development Obligations: The Maryland Technology License Agreement includes provisions related to the design and development of internet-based electronic banking applications. It outlines the obligations of both parties, such as the responsibilities of the licensor to provide necessary technical support, updates, and maintenance of the software. 4. Confidentiality and Non-disclosure: To protect sensitive information, the agreement establishes provisions for the confidentiality and non-disclosure of proprietary and trade secret information shared between the licensor and the licensee. This ensures that both parties maintain the confidentiality of any information disclosed during the license agreement. 5. Royalties and Payments: The agreement sets out the financial terms, including royalties and payment structures. It details how the licensee will compensate the licensor for the use of the technology, outlining any upfront fees, ongoing royalties, or revenue sharing arrangements, if applicable. Types of Maryland Technology License Agreements for Internet-Based Electronic Banking Applications: 1. Exclusive License Agreement: An exclusive license agreement grants the licensee exclusive rights to use, develop, and market the technology within a specific geographic area or market. This type of agreement prohibits the licensor from licensing the technology to any other party, ensuring market exclusivity for the licensee. 2. Non-Exclusive License Agreement: A non-exclusive license agreement allows the licensee to use, develop, and market the technology alongside other licensees. The licensor retains the right to license the technology to multiple parties simultaneously. 3. Joint Venture Agreement: In certain instances, the Maryland Technology License Agreement may take the form of a joint venture agreement, where two or more parties collaborate to jointly develop, design, and market internet-based electronic banking applications. This agreement generally includes provisions related to profit sharing, decision-making, and resource allocation. Conclusion: The Maryland Technology License Agreement for designing, developing, and marketing internet-based electronic banking applications governs the legal aspects of technology licensing in Maryland. It ensures that parties involved in the creation, use, and distribution of internet-based electronic banking applications abide by the terms and conditions specified in the agreement. By addressing intellectual property, licensing terms, design and development obligations, confidentiality, and payments, this agreement establishes a framework that protects the interests of both the licensor and the licensee.