Your company should take the proper steps to protect its intellectual property ownership, which can include obtaining patents for new designs or software, registering trademarks to protect your brand, and registering copyrights for any artistic works you create and own. While you take these steps to ensure no one uses your IP without authority, there might be situations in which you want to give other parties permission to use your protected IP.
Licensing agreements can be highly profitable for many business owners. However, these should be carefully drafted contracts with favorable terms to protect your business and intellectual property rights. Always have an Atlanta business transactions attorney assist you with this process.
Terms to Consider
If you include terms in your agreement that are unfavorable to your business, there might be little you could do to change them down the line. Always have your agreement drafted and reviewed by an experienced legal professional.
Some terms to discuss include:
- A detailed definition of your intellectual property in question
- How the license can be used, including for what purpose and time period
- What you will receive in exchange for the license, such as royalties or profit-sharing, and how and when it will be paid
- When you can terminate the agreement, such as due to impermissible exploitation of the IP or other conduct of the licensee
Your agreement should be tailored to the situation and IP at hand to best protect your ownership rights and maximize profits.
Find Out How a Georgia Business Transactions Lawyer Can Assist
At Battleson Law, LLC, we assist companies of all sizes with a wide range of transactions. Our goal is to ensure that all provisions of a deal are favorable with minimal risk. Contact us online or call 470.398.0720 to speak with an Atlanta business transactions attorney.