Licence Agreements
Ready to make money from your idea? Learn more about how a licensing agreement from Matthew Sulman & Associates can turn your concept into cash.
What is a Licence Agreement?
A licence agreement is a legally binding contract between two parties in which one party grants the other party permission to use its intellectual property, usually in exchange for a fee. The intellectual property can be anything from a patent to a copyrighted work of art. The agreement must specify the scope of the licence, which is usually defined by a set of limitations and conditions.
A licence agreement is also sometimes called a licensing agreement, intellectual property licence, or copyright licence.
What's the Point of Getting a Licensing Agreement?
If you’re the owner of valuable intellectual property, a licensing agreement can help you monetize it. You can licence your IP to someone else in exchange for a fee, and they can use it in their business. This can be a great way to generate income from your IP without having to sell it outright.
By licensing your IP to someone else, you can control how it’s used and make sure that it’s not misused. This can be especially important if you’re licensing your IP to a large company.
Also, a licensing agreement can help you build relationships with other businesses. If you licence your IP to a company, they may be more likely to do business with you in the future. This can be a great way to build goodwill and expand your business.
Licence Agreements
How Licence Agreements Work
Licence agreements are typically prepared by lawyers who specialise in intellectual property law. The agreement will spell out the terms of the licence, including what the licensee is allowed to do with the intellectual property and what they're not allowed to do. The agreement will also specify the duration of the licence and any other conditions or limitations that apply. When creating an intellectual property assignment agreement, licensors typically have three options to take:
Exclusive Licensing Agreement
An exclusive licensing agreement is a type of contract that is limited in application to one party. This means that only the individual or group outlined as the licensee can use the licensed material. The licensor, in this case, agrees not to licence the same IP to anyone else during the term of exclusivity.
Non-exclusive Licensing Agreement
A non-exclusive licensing agreement is a contract that gives the licensee permission to use the licensor’s IP, but does not restrict the licensor from licensing the same IP to other parties. This type of agreement is often used when there is little risk that the licensed material will be misused and when more than one party could benefit from its use. Non-exclusive agreements are also less costly to negotiate and execute than exclusive agreements.
Sole Licensing Agreement
A sole licensing agreement is similar to an exclusive agreement in that it gives the licensee the right to use the IP and restricts the licensor from licensing it to anyone else. The key difference is that a sole agreement also typically grants the licensor the right to use the IP. This type of agreement is used when the licensor wants to maintain some control over how the IP is used while still allowing only one party to use it.
Matthew Sulman & Associates Can Help You Make the Most Out of Your Licence Agreements
Qualified experts in all areas of intellectual property contracting and licensing law. Services include:
Drafting and Reviewing Licence Agreements
Whether you’re looking to licence your intellectual property to someone else or you’re on the receiving end of a licensing agreement, it’s important to have a lawyer review the agreement before you sign anything. The lawyers at Matthew Sulman & Associates can help you draft or review your licensing agreement to make sure that it meets your needs and protects your interests.
Negotiating Licence Agreements
If you’re in the process of negotiating a licensing agreement, the lawyers at Matthew Sulman & Associates can help you get the best terms possible. They have extensive experience negotiating all types of contracts and can help you get the terms that you’re looking for.
Advice on Licensing Disputes
If you’re involved in a licensing dispute, the team at Matthew Sulman & Associates can offer advice on how to resolve the issue. They can also represent you in court if necessary.
What are you waiting for? Get in contact with Brisbane’s leading IP lawyers today.
