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How To Write Your Own License Contract
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Hiring a lawyer to make a draft of a license contract could cost you a few dollars. You can avoid all the hassles of dealing with a shrewd and cunning attorney by writing your own draft of a license contract. All it takes is a clear vision of what you want, your agreement with the other party and wrap it up neatly with some legal jargons and you're all set.
What you need to know
1. All contracts usually follow a formula. You can look at the format of a license contract in legal books or do research on the Internet for examples.
2. Before writing down anything on your license contract draft, make sure that you have spoken with the other party regarding your agreements and limitations on the license of the said product or service.
3. Make a background check on the party you are dealing with. It wouldn't hurt to verify the information that they are giving you. Patents or licenses are public documents and you can request a copy through government agencies. Better to be safe than sorry.
What the license contract should include
1. The personal information of both parties entering the license contract agreement. These include the name of the both parties and their addresses.
2. Name the service or product whose license is going to be used.
3. The conditions and terms that both parties have agreed upon. The license contract should be able to safeguard the interests of both parties. It should also be able to anticipate any situations that may arise as a result of the license contract. For example, does the license cover alternative means of distribution aside from physical like data streaming?
4. The type of payment (cash, check, goods, stock options etc. and in USD, YEN, EURO), payment scheme (monthly, quarterly, annually) and payment mode (installment, full payment) for both parties.
5. The license contract should also indicate the penalties should the other party fail to follow the conditions of the contract to the letter and how they plan to enforce them.
6. The definitions of the terms used in the license contract. In this part of the license contract, vague or general items can be defined to avoid confusion. For example, the term "territory" used in the contract could mean only in the United Sates of America, not including Alabama and New Jersey.
7. The date when the license contract will be in effect and when is its termination.
8. Signatures of both parties and the date they signed on.
What to do after writing the draft
1. If you are satisfied with your draft, print out three copies each for both parties. This will make sure that there is a paper trail of your license contract if ever things go wrong.
2. Remember to get the license contract notarized right after the papers are signed and give a copy of the notarized one to the other party. Once a lawyer duly notarizes the license contract, the form is now effective and legally biding. This means that you can be sued, and vice versa, if you fail to do your part of the deal.
Writing a license contract can be intimidating but don't let those legal jargons stump you. There is no one better to draft their own license contract that yourself because you know what you want out of the business deal.
And should you still need to consult a lawyer, go ahead. It's not a weakness to turn for professional help. What is important is you are able to make them understand what you want in your license contract to effectively seal your business agreement.
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