A licensing agreement is a legal contract between two parties, known as the licensor and the licensee. In a typical licensing agreement, the licensor grants the licensee the right to produce and sell goods, apply a brand name or trademark, or use patented technology owned by the licensor. In exchange, the licensee usually submits to a series of conditions regarding the use of the licensor's property and agrees to make payments known as royalties.
Intellectual property is a property right that can be protected under federal and state law, including copyrightable works, ideas, discoveries, and inventions. The term intellectual property relates to intangible property such as patents, trademarks, copyrights, and trade secrets.
A trade secret is a process, method, plan, formula or other information unique to a manufacturer, which has value due to the market advantage over competitors it produces. Use or disclosure of a trade secret by an employee, former employee, or anyone else may be prohibited by a court-ordered injunction. The owner of a trade secret may seek damages against such a person for revealing the secret. Also, when trade secrets are involved in a lawsuit, a "protective order" may be requested from the judge to prohibit revelation of a trade secret or a sealing of the record in the case where references to the trade secret are made. A trade secret is separate from and covered under different law from a patentable invention. Trade secrets include, among others, business assets such as financial data, customer lists, marketing strategies, and information and processes not known to the general public.
Exclusive License Agreement - One Year
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Download a template for a licensing agreement. Choose your role as the licensor or licensee. Define the license(s) in the agreement. Decide whether the license is exclusive or not. Settle the matter of fees and payment schedule. Add a renewal date and rules.
If a book is particularly sought after by foreign or US publishers, such a royalty exclusive deal could mean that the original UK advance is earned out immediately.
An exclusive license grants the licensee singular permission to exploit the intellectual property in question.Non-exclusive licenses allow more latitude in the number of licenses granted while allowing the licensor to retain the rights to further develop and exploit its own intellectual property.
An exclusive patent license typically grants the licensee the sole right to practice an invention. It does not, however, automatically provide the licensee with the ability to enforce its rights should others infringe on its exclusivity. Generally, only the owner of a patent has standing to sue for infringement.
The exclusivity gives the licensee the incentive to invest in developing the market potential of the technology.This is because the licensor could sell licenses to all of the company's competitors after the first licensee educates and cultivates the market for the product.