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An Intellectual Property Licensing Agreement is a legal document under which the intellectual property ("IP") rights owner, known as "Licensor" authorizes another person or entity to use such rights, known as "Licensee", in exchange for an agreed payment, known as a "Royalty".
Under the License Agreement, the Licensor retains the ownership of IP rights while granting permission to the Licensee to utilize the IP in a particular manner for a limited period. Licensing Agreement is different from that of Assignment Agreement, under Assignment Agreement, the Licensor gives away all the rights over the IP rights for a fixed amount or consideration and will not be entitled to use such IP rights or receive regular Royalty payments on it.
The Licensing Agreement can be of three types:
How to use this document
This Agreement can be used for any types of Intellectual Property Licenses including patents, copyright, trademark, and designs.
This Agreement covers major provisions of the Licensing Agreement, including the following:
Once the details are filled in, this Agreement can be printed on non-judicial stamp paper of value prescribed by the concerned state where this Agreement is executed. The Agreement has to be signed by two independent witnesses who are not a party to this Agreement.
Licensing of copyright: under the Copyright Act, 1957, the owner of the copyright can license the rights in copyright in writing. For granting licenses in respect of literary, dramatic, musical and artistic works in cinematography films and sound recordings can only be carried out through a registered copyright society.
Licensing of trademark: under the Trademarks Act, 1999, the licensing needs to be in writing. Only those license agreement registered with the Registrar will have protection under this Act.
Licensing of patents: under the Patents Act, 1970, the licensing agreement has to be in writing and registered with the Controller of Patents.
Licensing of design: under the Designs Act, 2000, the licensing agreement shall be writing and registered with the controller within 6 months from its execution.
A License Agreement is a contract and general principles of the Indian Contract Act, 1872 will be applicable.
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Other names for the document: Copyright License Agreement, IP License Agreement, Intellectual Property Licensor Agreement, Assignment of IP Agreement, Exclusive Intellectual Property License Agreement