A licensing agreement is considered critical for today’s business owners, as it allows them to capitalize upon and exploit their intellectual property rights. But with this, these agreements have become more complex and challenging over the years. Whether you own this intellectual property or you wish to acquire rights to this property, read on to discover how a seasoned New Jersey licensing agreement lawyer at the Ingber Law Firm can guide you through such transactions.
How is a licensing agreement defined?
If you are the creator/owner of a unique idea, it is important that you have it protected so that others cannot use it without your permission. Essentially, this can be done with a licensing agreement. This agreement will ensure that you protect your rights and interests so that you are the sole entity that profits off of your intellectual property. Such profit is possible by giving other entities permission to use, market, manufacture, distribute, or sell your intellectual property.
What am I able to license with this agreement?
A licensing agreement can hold significant potential for profit for both you and the other party interested in your intellectual property. With that being said, both you and the other party must provide your expectations of one another clearly in writing. Some important factors to consider when drafting a licensing agreement include confidentiality, territory, indemnification, timeframe, sublicensing opportunities, and royalty specifications.
Additionally, the following are possibly the two most important terms that you should outline in your arrangement:
- Exclusivity: the interested party must specify their request to use a particular piece of intellectual property, while you can restrict the general use of this released piece of intellectual property. In other words, you and the interested party can negotiate how the shared intellectual property is offered to the general public.
- Quality assurance: if you are releasing a physical product or service, you must ensure that your intellectual property is being put to good use. That is, this negotiation will prevent the inappropriate use or modification of this intellectual property by the interested party.
Unfortunately, the process of formulating a licensing agreement can become complicated with the many negotiations and documents that need to be handled. Because of this, we recommend that you reach out to a skilled Essex County, New Jersey intellectual property lawyer at your earliest convenience. We will answer any and all questions you have concerning your licensing agreement.
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.
