![]() It’s easier to allow someone else to handle the business side of the patent while continuing to earn royalty payments. The individuals and businesses that create patentable material (like new inventions) aren’t usually the same parties that can easily manufacture and distribute it. In practice, patent owners choose to license their patents so that they can have it manufactured and distributed widely. Patent licensing agreements are the documents through which a patent owner allows someone else to use their patent. How to decide between types of licensing agreements 1. They can be further broken down into exclusivity and duration. ![]() Licensing agreements can be broken down by the types of IP they license. The party who owns the IP (the licensor) receives payment (a royalty) when the other party (the licensee) uses the IP. What is a licensing agreement?Ī licensing agreement is a legal contract by which one party that owns certain IP allows another party to use that IP. ![]() Here, we’ll discuss what a license agreement is and how you can decide which is right for you. To do so, you must first understand the different types of license agreements. Are you thinking of licensing out something that you own, but aren’t sure about the various types of licensing agreements? There are a few ways to license intellectual property (or “IP”).
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