Patent License Agreement
A Patent License Agreement is a legal contract between a patent owner (Licensor) that allows the other party (Licensee) to use, manufacture or sell the patented invention. The Agreement also stipulates how royalties shall be paid by Licensee to Licensor. Generally, the License grants the exclusive right to manufacture and sell in a specific territory that commonly is a country.
The Patent License Agreement includes in relation to the titles of the Licensor, rate and schedules of royalties, infringement, cooperation, term and rescission, biding effect applicable law and competent jurisdiction, etc. Patent licenses are typically granted for 20 years.
Index of the contract