Licensing Agreement Laws in New Jersey
When an individual has an idea that they think would be great and wants to protect it but does not wish to market, manufacture, or distribute it, they may want to consider a licensing agreement. A license allows an individual to continue acting as the owner of the idea and profit off of it while granting other individuals the rights to distribute, utilize, sell, market, or manufacture the idea in other forms.
In the licensing agreement that must be established before others can use the work, there are a number of different components, some of which include the following:
- Setting the terms of the arrangement
- Opportunities for sublicensing
- Territory of use
- Timeframe of use
- Royalty specifications
It is important to be aware of the ways that licensing limits the use of rights for the intellectual property. It is also a good idea to work with an experienced intellectual property attorney that can help create a licensing agreement that not only entices others to wanting to use the work but at the same time, avoids the work from being exploited. A licensing agreement can control revenue streams, determine who covers maintenance fees, and more. If a licensee breaches the agreement, it is important to have an attorney that can work to hold them accountable.
If you need an experienced intellectual property attorney, contact us today.
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.