What are the Key Elements of a Licensing Agreement?
A well-defined licensing agreement typically includes several key elements:
Scope of License: This defines the rights and limitations granted to the licensee, including geographic territory and duration. Financial Terms: Clearly outlines the fee structure, including upfront payments, royalties, and any other financial obligations. Quality Control: Establishes the standards and procedures to ensure the licensed product or service meets the licensor's quality expectations. Intellectual Property Rights: Specifies the ownership of IP and conditions under which it can be used or modified. Termination Clauses: Details the conditions under which the agreement can be terminated by either party.