Licensing the right way.
Give someone permission to do a certain activity or to use your property.
– Ensure your agreement is fair
– Confidently use again
– It’ll help with negotiations
What’s a licensing agreement
A license allows the creator (called a licensor) of the intellectual property (IP) to profit from the invention or creative work by charging the user (referred to as a licensee) for the use of the property. The property being licensed can be in the form of real, personal or intellectual property. If your business is in the position to license property then a licensing agreement is necessary to fully protect your patents, trademarks, copyrights, trade secrets, and other forms of licensable IP. LawTrades can help you find a licensing agreement lawyer to provide business licensing services.
Licensing agreement lawyers can help document the entire agreement in writing, specifying how the licensee may use the property and the payment arrangement for such use. An agreement should also detail the dispute resolution process in the event that someone violates the licensing agreement.
Ensure your agreement is fair
Licensing agreement lawyers have experience dealing with these types of agreements. As such, the licensing lawyer will notice any terms that could cause problems for your business down the line.
Confidently use again
If you’re licensing out the same property, with similar terms, then you can probably continue reusing the licensing agreement that was drafted by a licensing agreement lawyer.
It’ll help with negotiations
Even if your agreement is a “done deal” it helps to have an experienced licensing agreement lawyer take a look at the terms. A licensing lawyer can give you advice for when it’s time to renegotiate or if you enter into other subsequent licensing deals.
Why should I hire an attorney to draft a licensing agreement?
Consulting a licensing lawyer before licensing your IP is strongly recommended. A licensing agreement lawyer will be able to identify and address the terms that will be vital to your licensing agreement. Also, a licensing lawyer can help negotiate the terms of the licensing agreement. After all, licensing your IP is relinquishing some of your company’s most valuable assets so it’s important to do it right.
What are the different types of licensing agreements?
There are three main types: sole licenses, non-exclusive licenses, and exclusive licenses. You’ll have a good idea of what type of license is best for your business after consulting with a licensing lawyer for business.
What type of business entity is a buy-sell agreement intended for?
A buy-sell agreement can be used for all business entities, including C-Corps, S-Corps, and LLCs.
Must a buy-sell agreement ever be updated?
A buy-sell agreement should be updated if there is a change in circumstances such as a new owner, new spouse of an owner or other personal matter.
How does a company formulate its value when a buy-sell agreement is triggered?
It’s important to include a valuation formula in the buy-sell agreement. This allows owners to discuss and vote on the how the company should be calculated. Failing to do so can cause a ton of controversy, including litigation costs and having to hire a professional appraiser.
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