A patent license agreement is created between a patent holder and another company to whom the invention will be licensed so that they can produce it and sell it in the market. Very often it is seen that a person invents something but does not have enough resources to manufacture the product on a large scale and so he is not able to market it to make profits. In such a scenario, he can create a patent license agreement by which another company or individual gets limited rights to the patent and both parties can thus profit from it.
A patent license agreement must include some points so that it can be effective. The patent number and the type of patent that is being licensed must be mentioned. The agreement can be both exclusive and non-exclusive and the scope of usage of the patent must be added. Other important points are the identity of the licensee, the geographical area, duration and remuneration details.
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Sample Patent License Agreement
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