LICENSING INVENTIONS - Basics

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Licensing your inventions can be an exciting alternative to going into business. It's usually the best way to defray the high cost of development, manufacturing and marketing.

What is a license?
Simply stated, patents give you the exclusive right to manufacture, use and sell products falling under the scope of the patent. In turn, a license conveys those rights to others. A patent owner who conveys those rights is called the licensor. The company receiving the rights is the licensee. The agreement between the parties is called a license.

The basic elements of a License are:

1. You grant a licensee for the rights to manufacture, use and sell products falling under the scope of your patents.
2. The licensee pays you royalties.
3. The licensee must actively promote your invention else its rights are terminated.
4. The licensee keeps records which you may review.

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