IP Licence Agreement

• Both parties must sign for the licence to be legally effective.
• A licence grants rights to use IP - it does not transfer ownership. If you intend to sell the IP, you need a Copyright or IP Assignment Agreement instead.
• An exclusive licence means the licensor cannot grant the same rights to anyone else during the licence term - even themselves in some cases.
• Licence restrictions (territory, field of use, sub-licensing) must be clearly stated to be enforceable.
• If the licensor owns a trade mark, a bare licence (without quality control provisions) may result in loss of the trade mark - include quality control clauses.
• Royalty calculations should be clearly defined - percentage of net or gross revenue, minimum payments, audit rights.
• Patent licences may require recording with the relevant patent office for full effect in some jurisdictions.
• Rules vary significantly by jurisdiction - always verify requirements in the relevant country.

This is public legal information, not legal advice. Rules vary by jurisdiction - always verify requirements in your country. For complex situations, consult a qualified solicitor.