A patent license contract is a legal document which is made when one party agrees to grant license to the other of the patent rights of a product or service owned by him. This contract contains terms and conditions which have to be agreed upon by both the parties involved in the contract.
Sample patent license contract:
This contract is made effective on: 24th July, 2011
This contract is made by and between Mr. Richard Wilmond who is hereafter known as the Licensee and Mr. Jacob Brown who is hereafter known as the licensor.
Mr. Richard Wilmond owns a business named as Wilmond steel products which is situated at 23-KO, Fred street, LA.
Mr. Jacob Brown owns a business of metal and steel named as Brown Steel which is situated at WE-9, pulling road end, LA
The licensor wishes to grant the licensee a license under patent rights for the patenting of the company’s name and steel product line named as Brown Steel.
License code: 123/l
This license is granted for a total amount of $60000
The following are the covenants and conditions to be followed by the involved parties:
This contract shall terminate on 24th July 2012 and remains in effect for 12 months.
- The licensee agrees to use patenting rights in accordance with the patent right regulation act.
- The licensor agrees to give the patenting rights only after receiving the entire payment within first week of the duration of contract.
The following are the certain terms and conditions of the contract: