Are you planning on entering into or currently involved in an intellectual property licensing negotiation? Make sure to follow these five tips when entering into intellectual property licensing agreements.

1. 5 Tips for Intellectual Property
Licensing Negotiations

2. 1. Get the legal names of businesses, contact
information and address of the licensees at the
first meeting to simplify the creation of the final
agreement.

3. It may seem simple, but it is necessary
to maintain an efficient agreement.
When legal names or addresses are
inaccurately written in final agreements
it extends the process, which costs you
money.

4. 2. Be precise when negotiating a licensing
agreement as the wording is extremely important
to the rights given to the licensee.

5. In formal agreements and
contracts, it is vital to avoid
common phrasing as not to be
vague. If a contract is vague and
there are bumps down the road,
it will cause more trouble. It is
important to take time in
licensing negotiations to be
detailed in order to make sure
both parties are clear on who
gets what.

6. 3. Make a decision on the general elements of the
license (price, work, etc.) before getting into
smaller details.

7. Don’t make an assumption at the
start of the agreement that price
range and the works being discussed
will just work out. Some intellectual
property licensing negotiations can
be stalled or ruined, when one party
puts their foot down on an extremely
vital piece of the puzzle like cost. If
the potential licensee cannot afford
to license a work, save yourself the
hassle and don’t negotiate.

8. 4. Prepare for a long negotiation period as rushed
ones can lead to disputes, inefficient agreements,
etc.

9. With intellectual property
licensing agreements,
negotiations and lawyers can
delay the process, which can
cause one party to attempt to
stay on their chosen schedule.
While straying off course isn’t
optimal, it’s best to avoid
trying to catch up by skipping
steps or rushing lawyers
looking over contractual
agreements. In the long run,
you may wish you had taken
the time to make sure
everything was to your
specifications.

10. 5. Create good will between the licensee and the
licensor as license agreements can last for years
and may need to be modified.

11. Remember that intellectual
property license agreements
are rarely done when the final
agreement is signed.
Problems and renegotiations
can occur a few years after
the start of the agreement,
therefore, it is always a good
idea to build trust between
the licensee and the licensor.

12. For more information about intellectual
property negotiations, please visit our
website.
http://newdayconsultingsystems.com/int
ellectual-property-management/