Washington 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 The Washington Technology License Agreement is a legal contract that outlines the terms and conditions for designing, developing, and marketing Internet-based electronic banking applications in the state of Washington. This agreement is specifically tailored for technology firms, banks, and other financial institutions involved in the creation and dissemination of cutting-edge banking solutions. The agreement aims to establish a clear understanding between the involved parties and protect their rights and interests. Key elements covered in the Washington Technology License Agreement include: 1. Parties: The agreement clearly identifies the parties involved, categorizing them as the licensor (the technology firm or bank) and the licensee (the party obtaining the license to use the electronic banking application). 2. Grant of License: This section delineates the scope of the license, outlining the rights and permissions granted to the licensee. It specifies that the licensee is authorized to use the electronic banking application solely for its intended purposes. 3. Intellectual Property: The agreement addresses intellectual property ownership and protection, ensuring that the licensor retains all rights, title, and interest in the application. The licensee is typically granted a non-exclusive license. 4. Term and Termination: This section specifies the duration of the agreement, including the start and end dates of the license. It also outlines circumstances under which the agreement can be terminated, such as breach of terms or expiration of the agreed-upon period. 5. Payment and Royalties: The financial aspects of the agreement are detailed here. It describes any upfront fees and ongoing royalties or revenue-sharing arrangements between the parties. 6. Confidentiality and Non-Disclosure: Given the sensitive nature of banking applications, the agreement includes provisions to safeguard confidential information, trade secrets, and proprietary technology. Disclosures made throughout the partnership are expected to remain confidential. 7. Warranties and Indemnification: The licensor typically provides warranties related to the functionality and performance of the electronic banking application. Furthermore, the agreement clarifies indemnification responsibilities, ensuring that the licensee assumes liability for any damage caused by their use or distribution of the application. 8. Governing Law and Dispute Resolution: The agreement specifies the jurisdiction responsible for interpreting and enforcing its terms. Often, the laws of the state of Washington are chosen. It also outlines the preferred methods for resolving disputes, such as negotiation or mediation. It is crucial to note that there may be variations of the Washington Technology License Agreement tailored to different situations or entities. Examples include agreements for banking institutions partnering with technology firms to develop applications, agreements specific to mobile banking solutions, or agreements suitable for smaller community banks. However, the overall structure and core components of the agreement remain similar, focusing on the protection of intellectual property and the establishment of licensing terms.

The Washington Technology License Agreement is a legal contract that outlines the terms and conditions for designing, developing, and marketing Internet-based electronic banking applications in the state of Washington. This agreement is specifically tailored for technology firms, banks, and other financial institutions involved in the creation and dissemination of cutting-edge banking solutions. The agreement aims to establish a clear understanding between the involved parties and protect their rights and interests. Key elements covered in the Washington Technology License Agreement include: 1. Parties: The agreement clearly identifies the parties involved, categorizing them as the licensor (the technology firm or bank) and the licensee (the party obtaining the license to use the electronic banking application). 2. Grant of License: This section delineates the scope of the license, outlining the rights and permissions granted to the licensee. It specifies that the licensee is authorized to use the electronic banking application solely for its intended purposes. 3. Intellectual Property: The agreement addresses intellectual property ownership and protection, ensuring that the licensor retains all rights, title, and interest in the application. The licensee is typically granted a non-exclusive license. 4. Term and Termination: This section specifies the duration of the agreement, including the start and end dates of the license. It also outlines circumstances under which the agreement can be terminated, such as breach of terms or expiration of the agreed-upon period. 5. Payment and Royalties: The financial aspects of the agreement are detailed here. It describes any upfront fees and ongoing royalties or revenue-sharing arrangements between the parties. 6. Confidentiality and Non-Disclosure: Given the sensitive nature of banking applications, the agreement includes provisions to safeguard confidential information, trade secrets, and proprietary technology. Disclosures made throughout the partnership are expected to remain confidential. 7. Warranties and Indemnification: The licensor typically provides warranties related to the functionality and performance of the electronic banking application. Furthermore, the agreement clarifies indemnification responsibilities, ensuring that the licensee assumes liability for any damage caused by their use or distribution of the application. 8. Governing Law and Dispute Resolution: The agreement specifies the jurisdiction responsible for interpreting and enforcing its terms. Often, the laws of the state of Washington are chosen. It also outlines the preferred methods for resolving disputes, such as negotiation or mediation. It is crucial to note that there may be variations of the Washington Technology License Agreement tailored to different situations or entities. Examples include agreements for banking institutions partnering with technology firms to develop applications, agreements specific to mobile banking solutions, or agreements suitable for smaller community banks. However, the overall structure and core components of the agreement remain similar, focusing on the protection of intellectual property and the establishment of licensing terms.