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What is an IP Licence?
If you want to retain ownership of your creation but monetise your IP, it’s wise to licence your IP. An IP Licence Agreement outines the key terms of this licence, such as payment, scope, termination rights and liability protections.
An IP Licence Agreement drafted to meet your needs, plus advice on how to licence the IP you own
Phone consultations with our expert lawyers
Intellectual property, or “IP”, refers to the intangible assets of a business. This can be things like brand names, logos, original content and software code.
Your IP is important as it forms part of your unique brand. If it falls into the wrong hands, it can threaten your competitive edge.You can register ownership of IP in many ways, such as registering a trade mark with IP Australia.
Owning your IP also means you can let other people use it for various purposes (for example, you may wish to licence IP and make money out of it). However, this kind of arrangement requires a separate written agreement known as an IP Licence Agreement.
An IP Licence Agreement is a legally binding contract that allows another party to use your IP, but under a licence. This means that they can use your IP, subject to certain terms.
For example, your IP Licence Agreement may require the licensee to give you a portion of the profits made from the use of that IP.
These key terms can cover matters such as the payment, licence scope, termination rights and liability protections.
Read more about IP Licence Agreements here.
Each business is unique and has its own requirements. As such, it’s important that your legal documents reflect these differences so that the terms of those agreements work best for you.
At Sprintlaw, our expert intellectual property lawyers will be able to help you draft an IP Licence Agreement tailored to your business’ requirements and that is line with your needs.
Licensing your IP allows for greater flexibility whilst reducing the risk of overvalued or undervalued IP. If the desired revenue strategy is a stream of income, then licensing is the most appropriate choice. Further, a well-drafted licence agreement gives the licensor an opportunity to easily terminate the agreement if future payments are not made.
Our fixed-fee IP Licence packages start at $1400 + GST. This includes an IP Licence drafted to meet your business’ requirements, phone consultations with a Sprintlaw lawyer and a complimentary amendment to the final draft we provide to you.
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