A license is a way for you to have ownership of an idea while you are able to profit off 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, sublicensing 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.
How are these enforced?
Your intellectual property needs to be continuously monitored to ensure that it is not being used without your permission. If someone approaches you about using your property, you can come up with an agreement that details the extent of their use. 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.
What is intellectual property?
Intellectual property is considered to be ideas and concepts that you have come up with. If you have made an invention or some theory, you may wish to label this as your possession. Since intellectual property is not a tangible item, it can be hard to possess. Licensing agreements can help protect it 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.
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.