A patent license agreement is a category of agreements in which is licensor gives a patent license to a person or party which is therefore known as the licensee in the agreement. These agreements are formed in the case when the licensee wishes to have patent rights over an entity that is owned by him/her. Any patent license agreement is used to lay down the various terms and conditions under which the patency license is being provided to the licensee and also those terms under which the license can terminate.
A patent license agreement consists of details like names and addresses of the involved parties, details of the entity for which patent license is being granted, commencement and termination date of agreement and the legally enforceable terms and conditions of the agreement. These terms and conditions explain the licensee’s rights and responsibilities and also the role of the licensor in the agreement.
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