If you own a patent on a piece of useful technology, have a copyright in a popular photo, have protected a special image through trademark law, or own another invention or creative work that allows you to make money, you need a licensing agreement. This agreement allows you to set the terms of everything related to that specific IP and to protect your proprietary rights, including how the licensee may use the IP, who owns the IP, who may sublicense the IP, the price of the license for the IP, and the length of time the licensee may use the IP. Here`s a list of the different types of real estate that a licensing agreement can cover: Access to Harvard`s innovation should be as simple as possible. The first thing you need to do, often overlooked because of the excitement over the product or idea, is to spend some time researching similar products and ideas. This can help facilitate the licensing process. You should make sure that if someone manufactures or modifies your goods, the results are in line with your standards. If the work does not comply with your standards and they are not met on time, this often leads to the termination of the contract. You benefit from defining in depth what your expectations are and what happens if they are not respected. In some cases, you may need to terminate the license agreement and find another company to collaborate with.
If you are in conflict, it is advisable to speak to a lawyer. Also remember that the document may be exposed to opportunities, as required by negotiations.