🗎 You have decided to license your Intellectual Property, you have met consensus with your prospective licensee, what do you do next?

⚖️ There are two major types of rights that can be vested upon the licensee namely exclusive and non-exclusive license.
An exclusive license means that no person or business other than the named licensee can use intellectual property rights. This may not necessarily benefit your business as it will require robust commercialization to enable your Intellectual property to be well known in a particular industry.

🛡️ A non- exclusive license grants the licensee the right to use the intellectual property, but the licensor remains free to grant any number of other licensees the same rights to make, use, or sell the technology.

📝 Hence, it is important to understand your objective of licensing and drafting the licensing agreement in lieu of the objective. Hence professional drafter can assist you in drafting an agreement that reflects your objective as well as protects the welfare of your business.