What are the Key Components of an Exclusive License Agreement?
Scope of License: Defines the specific rights being granted, including any limitations on use, geographical boundaries, and application fields. Term of License: Specifies the duration of the licensing agreement. Financial Terms: Outlines the payment structure, which may include upfront fees, royalties, and milestone payments. Performance Obligations: Details the performance milestones and obligations of the licensee to maintain the exclusivity of the license. Intellectual Property Management: Addresses the responsibilities for maintaining and protecting the intellectual property, including patent prosecution and enforcement.
