If you would like to grant someone else a license to use your property, it is essential to draw up a written
License Agreement. The
Licensing Agreement defines the scope of the license and any limits on the right to use the property. It also stipulates if the license is non-exclusive and if you are giving permission for resale.
The licensing fee should be stipulated in the agreement, as well as any provisions for royalty payments, lease payments or maintenance fees.
Some items included in the licensing agreement are:
- Term (length) of the agreement
- Indemnity for infringement
- Nondisclosure of confidential Information
- Prohibited uses
- Rights to transfer and resell
- Warranties
- Ways of terminating the contract
Though a
Licensing Agreement sounds complicated, it doesn't have to be. At Rocket Lawyer.com, you can easily create and customize their
Licensing Agreement Form and specifically tailor it to your needs.