Licensing Agreements

Licensing Agreements

Licensing agreements are utilized in patents, trademarks, copyrights, trade secrets and much more. They can be extremely beneficial in promoting one’s business interests through a variety of legal means. With the aid of a qualified attorney, you can ensure that your licensing agreements are legally sound as well as efficient and comprehensive, leaving little room for future liabilities.

Licensing agreements are formal, legal documents where the licensor gives a person permission to use their property. The agreement is usually between the person who owns the property and the person who is being given the right to use the intellectual property. The licensee usually will pay a fee to use the property. In some situations,the licensee may pay a flat fee to the licensor or a percentage of the revenues for the use of the intellectual property. A huge benefit to a licensing agreement is that it gives a person the ability to receive payment for letting others “borrow” their intellectual property. If someone uses your intellectual property without your knowledge, they could face civil penalties for doing so. If someone has used your intellectual property without your knowledge, you may be able to file a lawsuit with the help of a litigation attorney to collect damages for lost revenue due to the piracy of your property.