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Most licensing agreements also deal with the issue of quality. For example, the licensee may enter into the contract conditions that require the purchaser to provide prototypes of the product, mockups of the packaging and even occasional samples for the duration of the contract. Of course, the best form of quality control is usually achieved before the fact – by carefully checking the reputation of the licensee. Another common quality provision in licensing agreements is the method of disposing of unsold products. If stock items are sold as cheap knockoffs, this can damage the licensee`s reputation in the market. For a company that has an excellent product but does not have the capacity to manufacture it, licensing is a great way to market that product. Entrepreneur says that, among the possible opportunities to market a product, licensing „offers the greatest potential return on investment and has the greatest chance of success.“ The term „licence“ has two meanings: one in general terms (for example. B driver`s license) and the other in the economy and commerce. A licence in the broadest sense is „the authorization of an authority to own or use something.“ For the use of [description of what is licensed] A licensing agreement is a commercial contract between two parties. The licensee (the licensee) owns the licensed assets and the buyer pays the right to use the license. The licensee pays royalties to the owner in exchange for the right to sell the product or use the technology. Harvard also offers options agreements for companies considering licensing Harvard technology.

An option agreement allows a company to „keep“ a technology for a short period of time during which the company can continue to assess its potential or find funds for product development without committing or harvard to comply with the obligations of a licensing agreement. Options are typically six months to a year and generally require both overcharging fees and a refund of patent tracking for the duration of the option. 11. Licensees and licensees agree that this Agreement is in effect in accordance with California State law and that no other written promise or agreement will be permitted to amend the terms of this Agreement, except to the extent that these amendments are the result of subsequent written amendments agreed upon and signed by the licensee and .