A lawyer can draft a thorough licensing agreement that takes into account the most important elements of a licensee and licensor relationship.
What is a licensing agreement?
A licensing agreement is a written contract giving permission to a licensee to use another party’s property, the licensor. This can apply to trademarks, patents, or their brand in its entirety. The agreement will contain specific details on the type of licensing agreement, how the licensor is compensated, and the terms of how things can be used. A Lawyer can help individuals as well as companies draft these important legal documents.
It’s important that a lawyer helps a licensee and licensor draft well-thought-out licensing agreements to ensure that nothing gets overlooked.
Some of the most important factors of a licensing agreement are:
Details on how the licensee will pay the licensor for use of their property should be discussed fully including inflation and exchange rates (when applicable).
With this type of licensing, the licensee can be granted permission to allow another individual or entity to use the licensed work. This usually occurs with copywritten work including articles, books, or songs.
This section explains restrictions surrounding when and where the licensor can sell their property (if applicable).
When a party gives someone the opportunity to use their property, they want to make sure it’s used in the proper way. This section of a licensing agreement will describe the specifics of how and when it can be used.
The specifics of the time period where parties can use the property should be detailed fully in this written legal document.
How to Negotiate a Fair Licensing Agreement
Ultimately, all of these elements of a licensing agreement should be discussed during negotiation with a legal advocate by your side. Someone who is experienced with contract law can work in your interest and ensure that both parties fully understand what they are agreeing to.
Research the other party before deciding to get into a licensing agreement with them. Understand how they operate and how the public sees them before you link your business to them.
Preparing For a Licensing Agreement
Before you even consider a licensing agreement, you must be sure that you have established proper ownership of your works. This may include patents, trademarks, or copyrights. Also, be prepared for any possible ownership disputes. Make sure that your contract includes what would happen if someone does dispute ownership.
What Are Some Advantages of Licensing Your Product?
When you license your product or work, you have control of who uses it. You also can limit where and how it is used. Best of all, you can determine the territory in which it can be used, such as geographical regions.
The Law Offices of Gary I. Handin, P.A., have been serving the residents of Broward, Miami-Dade, and Palm Beach counties for over 50 years. Our experienced attorneys offer a variety of legal services to help you manage your assets and protect what matters most to you.