The Licence – the Basics
Section 5
7. ACCOUNTS
n Accounts of transactions relating to licensed technology to be kept.
n Statements to be delivered with royalty payment.
n Access to records for Licensor's accountants.
8. LICENSEE'S OBLIGATIONS
n Is it to maintain patents?
n Place patent/copyright notices on Products.
n Maintain quality of Products.
n Are there any marketing requirements?
9. INFRINGEMENT
n Who has right to take infringement action?
n Each party to assist the other where the other is taking/or defending
the claim.
n Who has the right to claim damages?
10. TERM AND TERMINATION
n How long will agreement last?
n How can it be terminated?
11. CONSEQUENCES OF TERMINATION
n What happens to IP/Technology on termination e.g. return
documents/tooling to Licensor?
n Any right to sell-off.
12. LIABILITY
Licensee should be liable for sale of its products/provision of services
incorporating licensed IP. Include an indemnity from the Licensee for this.
13. MISCELLANEOUS
Cover here, which law governs the contract; how changes can be made;
whether the contract is assignable.
14. SIGNATURES
Make sure it is signed by people AUTHORISED to sign and bind each party.
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