Top Tips For A Technology License Agreement

Having a clearly defined technology license agreement for your company not only clarifies guidelines but also decreases the chances that you will find yourself a party to a dispute requiring the services of a Florida intellectual property attorney. Before drafting your agreement, set up a time to define the objectives for the technology license agreement. Common issues might include whether you hope to grant a pure intellectual property license, transfer all of the rights related to technology or product to help in the development process, or whether you are simply hoping to obtain revenue from patents. Knowing what you’d like as the outcome is helpful throughout the process of drafting a technology license agreement.

It’s important to do your research about potential partners for this agreement. While many individuals broach these conversations with an in-depth knowledge about their own company’s products, technology, or patents, it’s essential to understand the markets and industries related to potential partners as well. This will help attract ideal clients and partners, limiting the opportunities for a dispute that must be brought to court by a Florida intellectual property attorney.

There are several documents you can prepare to help make technology license agreement successful. A sales prospectus, definition of the subject matter, the official scope of the rights being granted, the term and territory at stake, and a confidentiality agreement are examples of things that are critical to know and prepare ahead of time before drafting a technology license agreement. Meeting with potential partners in person and discussing the possible objectives of the agreement as well as the terms included is a good step for a lasting business relationship and a minimized opportunity for disagreements and disputes that wind up in court. Preparation and research are extremely helpful for successful technology license agreements.