Meaning Of Licensee Agreement

A licensor may authorize a licensee to perform activities that otherwise fall within the scope of the patent, the sale, importation of a patented product, or the implementation of a patented procedure. [7] The term of a patent license can be a “fixed” (i.e. specified) term, for example. B 5 years, or may apply during the term of the patent (i.e. until the expiry of the patent). By its nature, a patent is limited in its geographical scope; it extends only to activities within the borders of the country granting the patent. As a result, a patent license does not require territorial determination. Payment. Details of payment to the licensor, including whether there is a base or royalties, and percentages. How and when payments are made. How sales are verified. Payments if there is a sub-licensor. But most of these agreements cover the same fundamental points…

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