An IP license agreement is an arrangement between the owner of an intellectual property (a “licensor”) and another party who wishes to acquire the license over the IP (a “licensee”). This arrangement requires a contract between these parties whereby the licensor provides certain rights to the licensee which allows the licensee to access certain rights that are attached with the IP. The contract enlists the terms and conditions and the licensee has the authority to utilize the IP by staying in the ambit of those terms. It is very important to draft the licensing agreement with utmost precision and care because they should clearly specify the rights and responsibilities of both the parties involved. Our attorneys can ensure that these contracts are prepared in a very detailed manner.
A royalty agreement is a document used by the owner of an IP (“grantor”) giving permission to another person (“grantee”) to use the IP and make profit out of it. In return, the grantee pays royalties to the grantor - payment for the use of their property. The royalty can be paid in the form of a lumpsum amount or a percentage of profits or amount per unit sold depending upon your preference. Our firm has been very successful with drafting these contracts, and we can ensure that these contracts are prepared in a very detailed manner.
Unlike a license agreement where only certain rights are being transferred, an assignment agreement refers to a transfer of ownership of the rights in an IP between the owner (“assignor”) and the party to which the IP is assigned (“assignee”). In simple words, assignment of IP is a complete transfer of ownership.
Since the assignment of IP is a complete transfer, it becomes necessary for the assignment contract to be in writing and specify the duration for which the assignment will be enforceable. There exist many reasons as to why would you assign your IP and one of the main reasons could be to ensure that your IP is being used effectively. One might consider licensing or assigning the IP in case you do not intend to use it.
