A Technology license and services agreement is an agreement signed between two parties namely the Licensor and the licensee. The Licensor being the owner of the technology and the Licensee being the one who obtains the license and acquires the related services as well. The purpose of the agreement is for both the parties to agree on covenants and conditions present therein. The agreement defines general legal and business terms governing the use of the programs,right to grant sub license, restrictions on use, Intellectual Property rights, retention of ownership rights, return of proprietary materials, etc.
The agreement also specifies training, maintenance and supports, license fee payment, tax details etc. The agreement also includes some important details such as name and addresses of the parties, date and validity of the agreement, confidentiality obligations and agreement termination clauses. The agreement has to be duly signed by both the parties in accordance to the agreed terms and conditions.
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