How are licensing agreements enforced?

Intellectual property can be considered someone’s property even though it is not a physical object. Ideas and concepts can be owned by an individual that has come up with them. If you have made an invention or have come up with a theory, you may wish to call this your possession legally. Since intellectual property is not a tangible item that can be protected in a safe or by some other security measure, it can be hard to protect. Licensing agreements can help protect your property in a way that stops others from using intellectual property from your mind. This property should be kept private so that only you can benefit from it.

A license is a way for you to have ownership of an idea while being able to make a profit of it. This gives you the right to grant others the ability to utilize, market, manufacture, distribute or sell your work. Your intellectual property needs to be protected just as your physical property is protected. Through the licensing agreement, it can set the standards that are supposed to be followed. These standards can include confidentiality, exclusivity, sub-licensing opportunities, territory, time frame, indemnification and royalty specifications. This agreement can include a detailed report of what to expect. You should consider all aspects of the agreement to see if they satisfy you.

When you own something as your intellectual property, you have to make sure to monitor it. If someone approaches you about using your property, you can come up with an agreement that details the extent of their use and they can pay you for your property. A licensing agreement needs to be monitored so that these individuals are not going against the rules that you set forth. If you believe they are using your property wrongfully and not adhering to the agreement, you may be able to file a legal action against them to seek damages. These damages may be able to make up fo the royalties that they owed you. Those who agreed to the original plan may face possible infringement, pirating or exploitation. By following up on their actions, you can ensure that your property is not being abused.

The Law Offices of Richard E. Novak, LLC has over 25 years of experience helping clients through tough times when they need it most. If you need assistance with any intellectual property, traffic violations, or business law matters, our firm is here to help. It is critical that you pick the right attorney who can protect your rights. Contact The Law Offices of Richard E. Novak, LLC for a consultation.