What Are Some Important Considerations When Licensing Intellectual Property?

As an inventor or creator of any kind, you’ve most likely heard about licensing your intellectual property. Licensing intellectual property is a fantastic means for having your creations monetized. That said, there are several considerations you should make before licensing your intellectual property. A dedicated New Orleans, Louisiana licensing agreement lawyer from Lemler IP can sit down with you, listen to your goals, and help you maximize your chances of success and profitability with your licensing agreement.

What should I consider when licensing my intellectual property?

There are several things you need to consider before you go forward and have your intellectual property officially licensed. To start, it’s important that you get some background on the specific type of intellectual property you wish to license. Establishing exactly what you want to license will help you better understand the scope of your intellectual property rights and any potential issues that may get in the way. Common issues can include having a patent that isn’t in fact valid and enforceable or having a trademark that is already being used by another company or individual. Your lawyer can help with all of this.

You and your attorney should also go over the potential terms of your licensing agreement before presenting it, such as the duration of the license and how you will be paid. You can also opt to include additional stipulations in your licensing agreement if you feel it necessary. Your attorney can help ensure the terms of your IP agreement are clear, concise, and will hold up in court if need be.

Finally, you’ll want to ensure that your licensed intellectual property will be properly managed in the long term. A lawyer from Lemler IP can actively monitor the licensed property, enforce terms set out in your licensing agreement, and more.

Are there different IP licenses?

There are, and it is important to understand the differences between them. Exclusive licenses, sole licenses, and non-exclusive licenses are just some of the most common types of IP licenses. A seasoned IP lawyer can talk to you about each of these and help you determine which license is most appropriate for your particular circumstances.

If you have any further questions or would like to speak with a dedicated attorney here at Lemler IP, please don’t hesitate to reach out today. Lemler IP has years of experience helping clients work out successful licensing deals and maximizing the value of their intellectual property.