A license, development and commercialization agreement is a kind of a formal agreement which is framed between two or more than two parties so as to define the terms of licensing, developing and commercialization of a certain product or service owned by one company. These agreements are formed between a client and a service provider who is responsible for the development and commercialization of the entity or service produced by the client.
This agreement is generally drafted in the case when the manufacturing party hires another party to handle all the tasks related to licensing and commercialization. These agreements are based upon certain covenants and promises which define the relationship of the parties and the payment details which the client needs to make to the service provider. These clauses or covenants and promises are important to be followed by the parties because they are legally binding in nature.
[Also Read: Commercialization Agreement]
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