Free Simple Patent License Agreement
Patent License Agreement grants a license to another for use of a patent. The agreement sets out how the patent will be used, whether the use is exclusive or non-exclusive and if patent royalties will be paid. A patent license does not change who owns the patent.
Disclaimer:This was not drafted by an attorney & should not be used as a legal document.
Patent License Agreement
_____________________, referred to as the Inventor, and _____________________, referred to as the Licensee, agree:
Inventors lenses Licensee to practice an invention related to _____________________, bearing the following U.S. Patents: ___________________, in the following territory:
This license shall be on an exclusive basis. The license shall be for the life of the patent, and any patents constituting an improvement on the original. Licensee shall pay Inventor $_______ per piece sold ________ days after the end of the month of sale. However, if in the event any calendar year the royalties paid to Inventor shall be less than $______________ the license may be canceled by the Inventor within _______ after the end of the __________.
Licensee shall have the right to prepay royalties at the end of any calendar year to keep the license in full force and effect, and this agreement in full force and effect. These prepayments may be applied to future Sales by Licensee.
If either party becomes aware of a potential infringement of the licensed patents, they shall immediately notify the other party of the same.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.