Patent Application Implementation Permission Contract
This Agreement is made and entered into on this day [DATE], between [PARTY A], herein referred to as “Licensee”, and [PARTY B], herein referred to as “Licensor”.
WHEREAS, Licensor has developed a novel [DESCRIPTION OF PATENT], defined by Patent Registration No. [NUMBER], and has filed an application to register a patent for the technology;
WHEREAS, Licensee desires to acquire the exclusive right to utilize the technology and implement the design patents in [LOCATIONS] in return for appropriate compensation;
Therefore, in consideration of the promises, provisions and agreements set forth in this Agreement, the parties hereby agree as follows:
I. DEFINITIONS
1.1 “Patent” shall mean the patent application currently being pursued by the Licensor for thetechnology, as defined in the Patent Registration No. [NUMBER].
1.2 “Technology” shall mean the methods, concepts and ideas associated with the Patent.
1.3 “Effective Date” shall mean the date this Agreement becomes legally binding.
1.4 “Termination Date” shall mean the date either party may be able to terminate this Agreement.
2. LICENSING
2.1 License Grant. Licensor hereby grants to Licensee, on an exclusive basis, the right to use, manufacture and implement the Technology, in any location designated by Licensee, throughout the [DURATION OF AGREEMENT] beginning with the Effective Date.
2.2 Rights Reserved. All rights not explicitly granted to Licensee by this Agreement shall remain vested in Licensor.
3. FEES
3.1 Licensing Fees. Licensee agrees to pay to Licensor, as full and complete compensation for the rights and privileges granted by this Agreement, a licensing fee in the amount of [AMOUNT], payable in full upon execution of this Agreement.
4. LIABILITY
4.1 Warranty.
(a) Licensor warrants that it owns all rights and title to the Patent and Technology pursuant to the terms and conditions of this Agreement.
(b) Licensee warrants that it has the legal capacity and authority to enter into contractual obligations for the duration and terms of this Agreement.
4.2 Indemnification.
(a) Licensor shall indemnify and
