What are the Key Considerations in a Licensing Agreement?
A comprehensive licensing agreement is crucial for protecting both parties' interests. Key considerations include:
Scope of License: Define the geographic area, duration, and specific rights being licensed. Payment Terms: Specify the royalty rate, payment schedule, and any upfront fees. Quality Control: Include provisions to maintain the quality and reputation of the licensed IP. Termination Clause: Outline conditions under which the agreement can be terminated. Dispute Resolution: Specify mechanisms for resolving any disputes that may arise.