What Are the Key Components of a Licensing Agreement?
A comprehensive licensing agreement typically includes:
Scope of License: Defines what rights are being granted. Geographical Territory: Specifies where the licensee can operate. Duration: Indicates the time period for which the license is valid. Royalties and Fees: Details the financial terms, including upfront fees and ongoing royalties. Quality Control: Ensures the licensee maintains the licensor's standards. Termination Clauses: Outlines the conditions under which the agreement can be terminated.