What Are the Key Components of a Licensing Agreement?
A well-drafted licensing agreement typically includes: - Definitions: Clear definition of terms used in the agreement. - Grant of Rights: Specific rights being granted to the licensee. - Financial Terms: Details on upfront fees, milestone payments, royalties, etc. - Term and Termination: Duration of the agreement and conditions under which it can be terminated. - Performance Obligations: Duties and responsibilities of both parties. - Confidentiality: Provisions to protect sensitive information. - Dispute Resolution: Mechanisms for resolving conflicts.
