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Licensing Agreements
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Flashcards
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License Grant
Defines the scope, field of use, and duration of the rights granted to the licensee.
Royalty Payments
Details payment terms the licensee must make to the licensor, often based on sales.
Intellectual Property (IP) Ownership
Clarifies that the licensor retains ownership of the IP.
Territory
Defines the geographic area where the licensee can exercise their rights.
Quality Control
Obligates the licensee to maintain certain quality standards for the licensed product or service.
Improvements
Stipulates which party owns enhancements or modifications to the IP.
Confidentiality
Requires that certain information disclosed during the agreement is kept secret.
Infringement Enforcement
Defines who has the responsibility and authority to enforce the IP rights against third-party infringement.
Sublicensing
Addresses the licensee's ability to grant further licenses to third parties.
Indemnification
Obligates one party to compensate the other for certain costs and damages.
Termination
Outlines how and when the licensing agreement can be terminated by either party.
Dispute Resolution
Specifies how disputes arising from the agreement will be resolved.
Governing Law
Identifies which jurisdiction's law will govern the agreement.
Warranties
Assurances provided by the licensor regarding the IP and related rights.
Assignment
Covers the rights to transfer the agreement or rights under the agreement to another party.
Amendments
Details how the agreement can be modified and under what conditions.
Maintenance of IP Rights
Outlines the responsibilities to maintain registrations, renewals, and other administrative aspects of the IP.
Audit Rights
Gives the licensor the right to inspect the licensee’s records to verify compliance with the agreement.
Net Sales
Defines how sales are calculated for the purpose of determining royalty payments.
Force Majeure
Frees both parties from liability or obligation when an extraordinary event beyond control of parties occurs.
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