License Agreement Improvement

September 26, 2021 | Category: Uncategorized

This leads me to improvement clauses. With minimum guarantees that I have already written about, you must find that you have all the improvements made to your innovation. Because the fact is that improvements are being made. Of course they will. Not all the details are yet elaborated. For example, one aspect of your concept must be adapted to high-speed production facilities. That`s why improvement clauses are so important. If you don`t have the upgrades, you may find yourself in a strange situation of having to license your former licensee`s technology. If you`ve followed my columns on how you can license your product ideas for passive income, you know I believe in the power of self-education. You can`t rely on others to do the work for you. You need to be critical, develop a strategy to bring your concept to market and be able to defend yourself. This information is there! It`s right at your fingertips.

Whatever mistakes you make, you will learn from them. But — and this is a big but — there`s at least one aspect of this process that you shouldn`t try on your own, and that`s sitting at a negotiating table with no experience. Licensing agreements are tricky. They are very specific. It is not enough to have negotiated a treaty beforehand. If you`ve never negotiated a license, find someone to help you. What you need to keep in mind is not to set your license in such a way that it only applies to a specific intellectual property, for example.B. to a provisional patent application or not. Add the definition to any future improvements, including other forms of intellectual property such as trademarks, copyrights, and design patents. In principle, you own any intellectual property that relates to your invention, now and in the future. I think that is absolutely essential. In any case, your licensee must make improvements and submit them.

However, the company must remove the intellectual property rights from you. You will need to have full control of your intellectual property in the future. To make sure this happens, I highly recommend working with a licensed attorney to develop the right language. (But don`t bring a lawyer too soon. By expert, I mean someone who has a business sense, not legal.) The truth is that protecting technology benefits both of you. You came up with the idea; Now give them the exclusive right (most likely) to market and sell it. Do not own. Instead of asking to be paid in advance, ask your licensee to pay for your patents. This win-win strategy has worked many, many times for me.

A few more tips: put an improvement clause later during the negotiations. Your licensee may try to combat this. Also, don`t allow improvements to be made to your concept until you`ve signed a contract. Full Disclosure: For over 15 years, I have been negotiating licensing agreements on behalf of my inventRight students. I learned the hard way (i.e. myself) the effect of the smallest nuances in the language….

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