Issue link: https://htpgraphics.uberflip.com/i/246988
Glossary of Terms Section 10 Advance – an up front payment under the licence, which is often then set-off against royalties as they become due. Assignment – an outright transfer of IP to a new owner which leaves the transferor with no further rights in that IP. Commercialisation – the assignment of, licensing of or other dealing with IP for financial or other gain. This is sometimes known as exploitation. Escrow – when the source code of software is given to a third party on the basis that it will only be released to the licensee in specific circumstances such as the licensor's insolvency. Escrow Agent – Authorised person/firm who will hold the source code/ relevant material. Exclusive – any right granted exclusively which allows the grantee to use that right. The grantor is no longer free to use it itself nor to license anyone else to use it. Head Licence – a licence of IP granted by the owner of the IP to a licensee. This term is often used to distinguish such licence from any further sublicences. Improvement – this is an amendment or modification to the licensed IP made after the licence is entered into. A severable improvement is an improvement by the licensee which could be used separately without infringing the licensor's IP. A non-severable improvement is one which could not be used separately without infringing the licensor's IP. Licence – the grant of a right in IP, whilst retaining ownership. Licensee – the person or organisation to whom the licence is being granted. Licensor – the party or organisation which is granting the licence to the licensee. 58