As companies rely heavily on the revenues and royalties they receive from licensed products, they place great importance on the underlying protection of the intellectual property itself. Whether your business owns the intellectual property or is acquiring rights to the intellectual property, follow along to discover how a proficient New Jersey licensing agreement lawyer at The Ingber Law Firm can help you navigate the transaction.
What is a licensing agreement?
Simply put, a licensing agreement is a legal and binding document that will allow your business to share your marketing material, such as the use of your brand, trademark, or patent, with other interested parties. The specific type of agreement will vary based on the intellectual property in question and the duration of the contract, among other details.
How do I establish a licensing agreement?
A licensing agreement can hold significant potential for profit for both your business and the other interested parties. With that being said, both parties must provide their expectations of one another clearly in writing. Some important factors to consider when drafting a licensing agreement are as follows:
- Exclusivity: the interested parties can specify their request to use a particular piece of intellectual property, while your business can restrict the general use of this released piece of intellectual property. In other words, both parties can negotiate how the shared intellectual property is presented to the general public.
- Quality assurance: if your business is releasing a physical product or service, you must ensure that this intellectual property is being put to good use. That is, this negotiation will prevent the inappropriate use or modification of this intellectual property.
What should I do if I am a victim of a breach of my licensing agreement?
Once a licensing agreement is established, both parties are placed under specific legal obligations. For example, if either party believes their rights are being violated through the course of their partnership, they can take legal action against the negligent party. Below are other examples of pitfalls that may breach your licensing agreement:
- Intellectual property theft by the other party.
- Intellectual property infringement by the other party.
- Unfair competition laws that make your intellectual property rights unenforceable.
- Poorly drafted language in the licensing agreement that makes your intellectual property rights unenforceable.
If this is your case, do not hesitate in reaching out to a talented New Jersey intellectual property lawyer who will well you recover these damages.
CONTACT OUR ESSEX COUNTY, NEW JERSEY FIRM
Whether you’re looking to register a copyright or trademark, are facing a dispute, or otherwise require the assistance of an experienced New Jersey intellectual property lawyer, you’re in the right place. Contact Ingber Law Firm today to schedule your initial consultation with our skilled and dedicated legal team.