Pro-active steps towards a successful Intellectual Property Licence Agreement
7 November, 2018Commercial Law & Business TransactionsDispute Resolution, Insolvency and LitigationIntellectual Property, Franchising & TechnologyNews & UpdatesProperty Law, Development & Conveyancing
Intellectual Property disputes
Intellectual property licence disputes are frequently reported in the media. They arise because the parties have not carefully documented their obligations to one another and, if one of them believes there has been a breach of obligations, legal proceedings often follow, causing great disruption and substantial legal costs.
What should an Intellectual Property Licence Agreement contain?
An expertly drafted Intellectual Property Licence Agreement should cover these points:
(a) What specific intellectual property is being licensed – does it include advertising material such as slogans, logos or trademarks?
(b) What is NOT in the Agreement?
(c) What are the rules for using the intellectual property, including restrictions on use?
(d) What is the geographical or demographic area where the intellectual property can be used?
(e) Does the intellectual property stay with the licensee or revert to the licensor when the agreement ends?
(f) Who owns related intellectual property developed during the term of the Agreement?
(g) If there is a dispute, can it be resolved, perhaps by mediation or arbitration, without going straight to court?
Crystal clear agreements avoid costly legal battles
Your Intellectual Property Licence Agreement should be crystal clear, achieve your aims and maintain or improve the value of your intellectual property. Prior due diligence and pro-active preparation is necessary to avoid costly legal battles that may damage the commercial value of your intellectual property.
Do you need legal help with intellectual property?
If you or your business needs professional legal advice regarding an intellectual property issue including an intellectual property licence agreement call Bell Legal Group on 07 5597 3366 or complete the ‘Contact Us’ form below.
Please note that this article by Margaret Miller, partner of Bell Legal Group, is general information only. It is not legal advice nor should it be relied upon as such.