New Mexico 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 New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications Definition: The New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications refers to a legal contract that outlines the terms and conditions between a technology licensor and licensee regarding the rights and obligations associated with the development, design, and marketing of electronic banking applications specifically for internet-based platforms. Key Terms: 1. Technology Licensor: The entity or individual holding the ownership rights and intellectual property for the technology related to electronic banking applications. 2. Licensee: The entity or individual granted the right to use, modify, and market the licensed technology as specified in the agreement. 3. Internet-Based Electronic Banking Applications: Software applications or platforms that facilitate banking transactions, financial services, and account management via internet connectivity. Key Provisions and Components: 1. Grant of License: This section outlines the scope of the license granted to the licensee, including specific rights, limitations, and restrictions associated with the use and modification of the technology. 2. Intellectual Property: It specifies the intellectual property rights of the technology licensor, ensuring that the licensee does not infringe upon any copyrights, trademarks, patents, or trade secrets. 3. Technology Support and Maintenance: This provision lays out the support and maintenance responsibilities of the technology licensor and licensee, ensuring that the licensed technology remains functional, secure, and up-to-date. 4. Confidentiality: It covers the protection of confidential information exchanged between the parties related to the licensed technology, ensuring that proprietary information remains confidential and prohibits its disclosure to third parties. 5. Royalties and Payments: This section details the compensation structure agreed upon, including any upfront fees, ongoing royalties, revenue sharing, or other monetary considerations associated with the licensing agreement. 6. Term and Termination: It specifies the duration of the agreement, renewal options, and conditions under which either party can terminate the agreement, including breach of terms, bankruptcy, or insolvency. 7. Dispute Resolution: This provision outlines the process to resolve any conflicts or disputes that may arise during the course of the agreement, including mediation, arbitration, or litigation. Types of New Mexico Technology License Agreements: 1. Exclusive License Agreement: Grants the licensee the sole right to exploit the licensed technology within a specific jurisdiction or market. 2. Non-Exclusive License Agreement: Allows multiple licensees to use and market the licensed technology simultaneously. 3. Limited License Agreement: Places certain restrictions on the licensee's usage or scope of the licensed technology. 4. Perpetual License Agreement: Provides the licensee with indefinite rights to use the licensed technology, subject to fulfillment of specific obligations and compliance with terms. In summary, the New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications establishes the legal framework for the licensing, development, and marketing of electronic banking applications for internet-based platforms.

New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications Definition: The New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications refers to a legal contract that outlines the terms and conditions between a technology licensor and licensee regarding the rights and obligations associated with the development, design, and marketing of electronic banking applications specifically for internet-based platforms. Key Terms: 1. Technology Licensor: The entity or individual holding the ownership rights and intellectual property for the technology related to electronic banking applications. 2. Licensee: The entity or individual granted the right to use, modify, and market the licensed technology as specified in the agreement. 3. Internet-Based Electronic Banking Applications: Software applications or platforms that facilitate banking transactions, financial services, and account management via internet connectivity. Key Provisions and Components: 1. Grant of License: This section outlines the scope of the license granted to the licensee, including specific rights, limitations, and restrictions associated with the use and modification of the technology. 2. Intellectual Property: It specifies the intellectual property rights of the technology licensor, ensuring that the licensee does not infringe upon any copyrights, trademarks, patents, or trade secrets. 3. Technology Support and Maintenance: This provision lays out the support and maintenance responsibilities of the technology licensor and licensee, ensuring that the licensed technology remains functional, secure, and up-to-date. 4. Confidentiality: It covers the protection of confidential information exchanged between the parties related to the licensed technology, ensuring that proprietary information remains confidential and prohibits its disclosure to third parties. 5. Royalties and Payments: This section details the compensation structure agreed upon, including any upfront fees, ongoing royalties, revenue sharing, or other monetary considerations associated with the licensing agreement. 6. Term and Termination: It specifies the duration of the agreement, renewal options, and conditions under which either party can terminate the agreement, including breach of terms, bankruptcy, or insolvency. 7. Dispute Resolution: This provision outlines the process to resolve any conflicts or disputes that may arise during the course of the agreement, including mediation, arbitration, or litigation. Types of New Mexico Technology License Agreements: 1. Exclusive License Agreement: Grants the licensee the sole right to exploit the licensed technology within a specific jurisdiction or market. 2. Non-Exclusive License Agreement: Allows multiple licensees to use and market the licensed technology simultaneously. 3. Limited License Agreement: Places certain restrictions on the licensee's usage or scope of the licensed technology. 4. Perpetual License Agreement: Provides the licensee with indefinite rights to use the licensed technology, subject to fulfillment of specific obligations and compliance with terms. In summary, the New Mexico Technology License Agreement for Designing, Developing, and Marketing Internet-Based Electronic Banking Applications establishes the legal framework for the licensing, development, and marketing of electronic banking applications for internet-based platforms.