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Many business people do not understand the risk involved in licensing property. Both the licensor and the licensee each are at risk and that risk increases when the parties do not enter a well drafted license agreement.
Licensor's risk losing rights to their property and the goodwill and reputation that they have worked hard to associate to their product or service. There is also the risk that the license falls within the scope of a Franchise, which is highly regulated. In fact, if the license agreement or arrangement falls within the scope of Franchise law, and the franchise opportunity is not properly registered, the consequences are substantial.
If you are licensing intellectual property or other property, make sure your rights, title and interest in and to the property are protected by implementing comprehensive licensing agreements.
If you are licensing property from another party, make sure you and your business are protected with indemnity clauses and the like in your licensing agreement.
For more info on Licensing Agreements, review my License Agreement Checklist or schedule a Consultation with an Experienced Boston Business Lawyer or Maine Business Lawyer today.
When you are ready to discuss the legal issues associated with your business, click here to contact Michelle L. Grenier, Esq.
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