Creating a strong licensing agreement is an integral part of reaping the full benefits of your protected intellectual property in St. Petersburg. The highly experienced attorneys at Larson & Larson, P.A. have helped many clients draft contracts allowing their licensees to make, use, and sell inventions or products covered by certain trademarks.
What is a Licensing Agreement?
A licensing agreement is a document drafted and agreed upon between two people or businesses for the purpose of granting and receiving certain rights. The advantages may include the legal right to:
- Sell a particular product
- Produce a certain line of goods
- Use a brand name or a trademark which belongs to the licensor
- Use patented products
In legal terms, the party that is granting the right to use the intellectual property is referred to as the licensor. The party accepting the licensing agreement is known as the licensee.
In most cases, this document allows the licensor to receive something in return for the right to use the trademark or invention in St. Petersburg. The definite advantages are determined and specified in the contract. The goal is to ensure that you are getting fair value for use of your intellectual property, whether financial or otherwise.
What to Expect When Drafting a Licensing Agreement
Drafting the most appropriate licensing agreement varies with each case. A license agreement properly contemplates your company’s needs and the goals of the other party. Because of the intricacies of patent, trademark and copyright laws, licensing agreements can be very complex.
There is no need to fret, though — your attorney at Larson & Larson, P.A. will help you through each step of the process. When drafting your licensing agreement in St. Petersburg, you can expect to face certain elements that are basic to this type of contract. Below are the basic elements of a licensing agreement.
The Basic Elements of a Licensing Agreement
Your licensing agreement will consist of individual key elements to make sure that we cover the basic circumstances that may come up due to granting intellectual property rights to the licensor in St. Petersburg.
You can expect the following elements to be considered:
- Territorial restrictions
- Royalty rates
- Required advances
- How finances are calculated
- Minimum requirements
- Time frames and schedules
- Contract length and renewal potential
- Quality control rights and procedures
- Returns and allowances
The precise provisions for each element will vary depending on the product, brand, and intellectual property at issue. Our goal at Larson & Larson, P.A. is to ensure that the legal provisions of your agreement precisely contemplates all your business needs in St. Petersburg.
As with any marketplace that relies heavily on online advertising, intellectual property, and technology, the process of drafting a licensing agreement evolves on a regular basis. The agreement must contemplate the evolution of the marketplace. Understanding the latest advancements is important to make sure your contract stays relevant, active, and enforceable in an advancing marketplace. At Larson & Larson, P.A. we draft your contract with the future in mind.
Let Larson & Larson, P.A. Help You Create Successful Licensing Agreements
If you are interested in creating a licensing agreement in St. Petersburg, make sure to hire a lawyer who specializes in intellectual property law. Our attorneys at Larson & Larson, P.A. make it their job to stay updated with the changes in the world of technology, the internet, and intellectual property rights. For us, lagging behind is not an option. If you are ready for a contract that will serve you both now and in the future, give Larson & Larson, P.A. a call at 727-546-0660. We will be glad to discuss your product, business, or specific needs right away.