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The license agreement defines the terms of mutually beneficial interaction between the Licensor (the copyright holder of the invention or trademark) and the Licensee (the user who is given the opportunity to use the results of the Licensor’s intellectual work).
First of all, it is a tool for doing business, provides legal protection for the parties, guarantees the owner of intellectual property the receipt of income from the transaction, and the licensee the opportunity to make a profit. The subject of the License Agreement is the right to use the results of intellectual work within established limits in a given territory and within a certain time frame.
A license agreement differs from a trade contract in the intangible nature of the object of the transaction and the possibility of “dual” ownership when the Licensor retains the intellectual property right. At the same time, the Licensee may transfer the right to use the object to a third party, but only if this is stipulated in the License Agreement.
The objects of the License Agreement may be: literary and artistic works, scientific works, trademarks, service marks, inventions, industrial designs, geographical names, plant varieties and animal breeds, etc.
License agreements can be non-exclusive (provide for the transfer of the ability to use intellectual property to one or more users while maintaining similar powers with the primary copyright holder) and exclusive (all rights are transferred to one user without reserving the corresponding rights for the transferring party).
A license agreement is considered concluded if its parties have reached a common position on all issues that are significant, from the point of view of the law. In this case, the following conditions must be met: the presence of the subject of the agreement, that is, the right to use the intellectual property; description of products using intellectual property; scope of rights of the Licensee and Licensor; product quality guarantee; period and geography of activity; the amount of remuneration transferred to the Licensee (the specific amount is determined by the parties to the transaction or is set at the level of the market value of similar goods and services).
Drawing up a license agreement for intellectual property and submitting it to the patent authorities requires special training and relevant knowledge. Therefore, in order to avoid mistakes, it is necessary to contact professionals. The specialists of our company Erfis have experience working with domestic and foreign clients and provide professional preparation of licensing agreements for intellectual property.
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