Provisions generally included in Licensing Agreements are -
- Definitions
- The license grant
- Consideration
- Audit rights
- Confidentiality
- Warranties
- Indemnification
- Limitation of liability
Benefits
- A potential licensor has to ensure, for example, that it actually owns the IP that is sought to be licensed to others, and there are no existing licenses that would interfere with the proposed new license.
- A potential licensee has to ensure, for example, that the potential licensor has the necessary rights to the IP in question so as to legitimately transfer the rights and that scope and extent of the proposed license will duly serve its intended purpose.
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