Individuals and businesses of all sizes routinely develop their own intellectual property that they use in marketing and branding, and to protect their unique ideas and market positions. But these intellectual assets are not just held by their creators, they are often licensed for use by other companies and persons. If your business holds anything from copyrights and trademarks to patents and trade secrets, you may find it advantageous to license the use of these intellectual properties to third parties. SederLaw can facilitate the licensing process for you or your organization while ensuring that your rights and interests are protected.
The Benefits of Having Skilled Counsel
Intellectual assets are key to a company’s business strategy. By holding the exclusive right to a trademark, for instance, your organization and its products are readily identifiable and trusted by the public. This helps ensure a healthy portion of the market by boosting your company’s reputation among consumers. Individuals, too, hold patents and other intellectual properties that represent sometimes years of dedication and development.
At some point, however, you or your business may desire to monetize your intellectual properties by licensing them to other companies and individuals. Naturally, you will want to be careful in doing so. Our firm takes seriously the high value and hard work represented by your intellectual assets, so we approach every licensing agreement with the due diligence and respect it deserves.
We start by learning about the intellectual property itself, including how it was created and the benefits you or your company enjoy from it. Then we find out more about why you want to license the asset. What are your goals? What concerns do you have? It’s also important that we learn what restrictions you want in your licensing agreement, as well as any aspects of your intellectual property portfolio which you do not want to license.
Lastly, we draft the terms of the agreement and any associated paperwork that will best protect your rights. Our firm will handle the negotiations with the prospective licensee and discuss which terms should be included and which are not in your interests. We will guide you by explaining and applying the relevant laws, answering your questions, and discussing what you should expect once a final agreement is executed.
Our Intellectual Property Licensing Agreement Services
With the above in mind, these are a few specific ways we can assist you or your company with all of its intellectual property licensing needs:
Due diligence. Before you agree to license your property, you need to learn more about the potential licensee. Your intellectual property lawyer will examine and review the company or individual wishing to obtain licensing rights. We identify any potential risks and discuss them with you so you can make an informed decision as to whether to proceed.
Evaluating the asset. As mentioned above, we endeavor to learn all we can about intellectual property before you license it. We bring a business approach to this as well to help you or your organization gauge the likely pecuniary gains you may realize from the licensing agreement.
Drafting the agreement. As we learn more about your intellectual property and any potential risks in licensing it, we begin work on the initial draft of the agreement. This is where our extensive legal experience pays off as we explain the clauses, terms, and language in the agreement that will most benefit you. We also take the time to understand your concerns so that the agreement will properly address them. Finally, we prepare any related documents that will prove necessary to effectuate the agreement.
Negotiating, modifying, and executing the agreement. The initial draft will likely undergo several rounds of negotiations and modifications before the final version is ready. The prospective licensee and/or that party’s attorney will request changes and additions, which we will review with you. Our firm will advise which terms to accept, reject, or further negotiate. Once we arrive at the final draft, we will secure the necessary signatures so the agreement can be executed.
License tracking. The final agreement will impose a number of obligations and restrictions upon the licensee, and you will want to ensure the agreement is being followed and the license is not being abused. We will help you or your company create a tracking system or strategy to monitor the use of the license and keep up with ongoing licensee duties. This includes making sure the licensee pays all required license fees.
Litigation and general counsel. In the event the licensee breaches the agreement, or you are accused of a breach, we will get to work with a robust litigation strategy focused on minimizing any negative effects associated with a breach. It may be possible to settle claims without the need for court intervention, for instance using alternative dispute resolution (ADR). If necessary, however, we will take your matter before the appropriate court and assert your rights. We also provide general counsel throughout your relationship with the firm to allay any concerns you may have.
Contact Our Worcester Intellectual Property Licensing Agreement Attorney
SederLaw understands how important your intellectual assets are, and we know how to create, negotiate, and defend agreements that allow you to confidently license those properties. If you have questions about licensing or you are ready to begin the process, connect with our Intellectual Property Law team today.