The Licence – the Basics
Section 5
Specific Licence Provisions
Parties
Always make sure it is clear who is entering into the licence. Check the
licence is between the right parties. There is no point in drafting a licence
from yourself to another party when, in fact, it is your institution which
owns the IP in question. Always fill out full names and addresses. In the
case of a company, include the company's registration number and
registered office. This can easily be found on Companies House website
www.companieshouse.gov.uk, through the WebCheck facility.
Remember, the party which owns the IP and is permitting another
to use it is referred to as the Licensor. The party to whom the licence
is being granted is referred to as the Licensee.
LICENSOR
IP
LICENSEE
Run some checks?
You probably would not think about letting your house or flat out before
meeting your tenant or at least running some checks to make sure they
are likely to pay you and for example do not have a criminal record. Why
should you treat your IP any differently? Try to make some preliminary
investigations into your potential licensee. In particular, if you will be
relying on your licensee to commercialise your IP – check their track record
– are they good at it? What is their reputation like? Is it likely they will
be able to pay you? Check whether your licensee has any winding up
petitions filed against it. This is an indication they have had or are having
financial problems.
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