A trademark licensing agreement in Boca Raton Florida has the potential to provide a lucrative stream of revenue for both parties. The party granting the license will receive a steady stream of income for little ongoing work. The party that receives the license may also financially benefit from the business transaction by associating itself with a name that has recognition in the market. Although every trademark licensing agreement in Boca Raton Florida is different, there are certain provisions and language that these agreements usually require.
Identification and Grant
Although it may sound simplistic, the parties who are entering into the agreement must be clearly spelled out. This is important because many businesses may have similar names or DBA names. Additionally, it is important to highlight whether the trademark will apply to only one division of the business, the entire business or to subsidiaries of the business in addition to the main business. The grant of the trademark license should clearly state whether it will be an exclusive grant or not.
The territory where the licensing agreement will be in effect is also important. The agreement should state whether the agreement is only for a local area, on the state level, on the national level or international. There may also be requirements that orders that are of a certain number of units or monetary value may be required before adding onto the existing market license.
Licensing agreements can deal with highly technical language. They should also be written in a highly-specific manner that properly communicates the interests and agreement of the parties. A trademark licensing attorney can help draft such agreements.