Whenever an individual referred to as the licensee wants to start a business or expand an existing new business he has to acquire a license known as an intellectual property rights license. In order to procure the license when the licensee enters into a partnership between an intellectual property rights owner, a legal document is drafted which is known as an intellectual property rights license contract.
Sample Intellectual Property Right License contract
Intellectual property rights license contract number: IP 56
Effective date of contract: 12th of October 2011
This intellectual property rights license contract has been entered into between Sam Mendes (the licensee) and Tango Automobiles ((the licensor).
As per the contract the licensor gives the licensee the authority to buy fifty percent portion of their company.
Terms and conditions:
- The licensor will hand over the part of their company to the licensee before the contract effective date.
- The licensee has to pay a licensing fee of an amount of $50000 dollars in advance. Failure in paying the complete amount will lead to termination of the contract.
- The licensee assures that he will ensure quality control of the business and maintain all the required standards.
- The licensor does not grant the licensee the right to sub license the intellectual property.
It is agree that both the parties have agreed to the above mentioned terms and conditions as they have put their signature below:
Signature of licensee: Signature of licensor:
Sam Mendes Chris Evan
(On behalf of Tango Automobiles)