Intellectual property licenses are pivotal to many Nevada companies. Here at the Aldrich Law Firm, we appreciate this fact and realize that it is important for our clients to understand how to navigate the licensing process. Below are some brief tips that the World Intellectual Property Organization offers on how to successfully engage in intellectual property licensing.
WIPO explains that companies wishing to use a patent, trademark or copyrighted work owned by a person or business entity must obtain permission to do so. These arrangements are commonly made through formal agreements known as licenses.
Because a license is essentially a contract, preparations for the agreement will be similar to those required in other contract negotiations. You may want to sit down with your business partners, executive team and/or attorneys to determine your goals, leverage and negotiating strategy.
As intellectual property can be quite technical, you may also want to include a few additional steps in your negotiating team’s preparation. For example, if you are pursuing a license for a software patent, it may be worth your while to spend the extra time to:
- Conduct an in-depth review of the patent’s specifications.
- Determine precisely what role the technology will play in your business plan.
- Assess whether any additional intellectual property issues (such as the use of the patent owner’s trademark in your product’s label) should be addressed in the license.
If you would like to learn more about contract litigation issues, including those involving intellectual property, please see our page on business litigation.