Trakti Smart "Legal" Contracts Blog

With the Ip License Agreement the licensor grants to the licensee the right to use and / or exploit the intellectual property of which he is the owner, such as: trademark, patent, know-how, design, software, work covered by copyright, etc. in exchange for a fee (royalty). Intellectual property rights (industrial property or copyright) are considered intangible assets that can be exploited economically. The license is the legal instrument that allows such exploitation and is adopted when the owner wants to allow the use of a distinctive sign, a certain technology or a design, etc., without transferring the ownership. With this contract the owner will be able to define the duration and the territory of validity of the license in addition to the exact ways in which the licensee will be able to exploit his property. Furthermore, he will be able to define the amount to be paid. The license agreement may in fact be free or require payment of fixed amounts or variable royalties based on sales.

In this type of agreement Licensor and Licensee define the images that is being licensed, that explains how you can use photos, illustrations, vectors and video clips. The content is licensed for specific types of use, and pricing is based on factors such as size, placement, duration of use, and geographic distribution. The Licensee does not have exclusive rights to use the content.

In this type of agreement Licensor and Licensee define the data that is being licensed, including the manner and frequency with which the data will be provided/updated, how current the data will be (that is, whether the data will be provided on a “real-time” or close to “real-time” basis), the format in which the data will be delivered and the mechanism of delivery.