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How Does A Product Licensing Agreement Work

That is all that both sides want to add. Some license agreements contain confidentiality agreements such as .B. This clause would prevent the taker from disclosing proprietary information or processes. Testing protocols are industry-established standards for each product category. If no standard is specified, the licensee should inquire about applicable standards to ensure that the licensed product is approved in a timely manner to meet the promised delivery dates. The licensee must comply with all laws at all times when developing his licensed product. Violations of compliance standards can result in recalls, which can have devastating effects on both the licensee and the licensee. You invented something, he received a positive evaluation and filed a patent. Or maybe your company doesn`t have the capital or know-how to manufacture and market its product in a global market. Inventors often prefer to license their technology rather than try to manufacture and market them themselves. Similarly, licensing may be the only practical way for a company to maximize the potential of its existing products.

Suppose you have a new product idea to protect — how much money is there? Ximena, congratulations on your agreement. The issue of compensation is very important. It`s protection when things go wrong. It is not uncommon for a licensee to try to blame the designer for a problem, but it is not fair in my opinion in general. It`s understandable that they`re trying, but I`ve never sung a contract with that. In my experience, when I raised my concerns, the company changed the contract because they realize it is unfair. If they actually make the product, why would you be responsible if it breaks down? They will probably do the construction and manufacturing that you have no control over. I suggest that you express your concerns – remember that everything is negotiable. Also remember that they carve out the lion`s share of profits. The only responsibility I have assumed is the originality of the idea, as far as I know. It makes sense that they have no idea if you`ve really stolen your idea from someone and you`re worried about it.

While I take responsibility if it turns out that I knowingly and intentionally violated another person`s intellectual property, I take no responsibility for the overall originality of the idea.