A technology license agreement in Miami Florida is essentially a legal contract between two parties, the licensor and the licensee, whereby the licensor grants to the licensee the right to use, modify, and/or resell technological intellectual property. In exchange for the use of this legally protected technology, the licensee agrees to terms and conditions regarding the use of the licensor’s property, which typically includes agreeing to make payments referred to as royalties. Regardless of whether you are the licensee or the licensor, if you are interested in entering into a technology license agreement in Miami Florida, you should seek guidance from a local intellectual property attorney.
While some technology licensing agreements may seem lengthy and complicated, most of these types of contracts involve the same basic elements. Of course, one of the most essential aspects of a licensing agreement deals with the financial arrangement. Typically, the licensee makes payments to the licensor in the form of guaranteed minimum payments and royalties on sales. Another important element to include in a licensing agreement relates to the time frame of the deal, since many licensors need a definite market release date for products licensed to external manufacturers.
Another element of technology licensing agreement that needs to be addressed is the issue of which party maintains control of a copyrights, patents, or trademarks. Some licensors may want a guarantee for their ownership rights to the property, or they may wish to add a clause to the agreement which prohibits the licensor from competing directly with the licensed technological property in specific markets.
However, every potential licensor and licensee are different and, consequently, one size does not always fit all when it comes to technology licensing agreements. You should contact an intellectual property attorney who can draft a contract specifically suited for your unique needs and circumstances.