Imitation is a sure sign of flattery, but it can get businesses in trouble when it comes to using others’ intellectual property. If you’ve created a process, tool, written document, video, photograph or any other type of protected property that another person or entity wants to use, you may want to consider entering into a licensing agreement. Licensing agreements give you the control over how, when, where, for what length of time, and at what cost someone else can legally use your protected works.
Similarly, if you want to use another entity’s protected intellectual property, entering into a licensing agreement with them can give you the right to do so.
Hamra Law Group’s intellectual property and contract attorneys are experienced and adept at using legal agreements to protect your rights – whether you own the intellectual property or just want the rights to use it.
If a man is keeping an idea to himself, and that idea is taken by stealth or trickery; I say it is stealing. But once a man has revealed his idea to others, it is no longer his alone. It belongs to the world. - Linda Sue Park
When you enter into a licensing agreement with another party, you are essentially entering into a one-time or an ongoing partnership with them for a specific purpose.
First, it’s helpful to understand some basics: The person or company that holds the rights to the intellectual property is the “licensor”, the party who wants rights to use it is the “licensee”. The licensee is agreeing to pay a specific royalty or fee to the licensor in exchange for the right to use the protected intellectual property. The licensing agreement spells out the terms that the parties agree on.
If you are considering licensing a trademark or service mark, you will want to consult with an attorney to evaluate the potential pros and cons of such a move. More than other types of intellectual property, licensing a trademark creates the potential for long-term damage of the brand if the licensee doesn’t maintain the same level of quality standards as the licensor.
When you work with a knowledgeable intellectual property attorney, you will have an advocate on your side who can help you anticipate potential issues and create strategies designed to mitigate risks.
At Hamra Law Group, it doesn’t matter whether you are a small business wanting to enter into a licensing agreement to use another company’s intellectual property, or you are a large, multi-national operation that’s been approached by another company or individual about intellectual property rights. We help clients across industry lines, regardless of size, helping with every step of the licensing agreement process.
We can help you negotiate terms that meet your needs and protect your rights. We can also draft agreements for you to present to the other party, or we can review and advise on agreements prepared by other attorneys.