License Contracts are the contracts where two or more parties are involved and based upon certain terms and conditions, they agree to settle down on a mutual understanding which is related to granting permission or license of a particular entity. Such contracts are enforceable by law which means that the terms and conditions must be followed without fail to avoid being charged under law.
License contracts can be framed to grant license of a number of entities. The following are a few examples of license contracts:
- Property license contract
- Software license contract
- Business license contract
License contracts are framed with the help of legal experts and must be written down in a formal way. There is a specific format and method which must be kept in mind before drafting of the contract. The following points shall be helpful in case you are looking for a few hints:
- In the initial recital, it is important to give the names of the parties involved along with their respective contact information like address and phone number.
- The date of signing of contract or of granting license forms an integral part of the contract.
- The terms and conditions must be detailed and written down point wise.