An IP Licence gives certain rights to use the IP created by another person. There are 7 key parameters of an IP licence, and our lawyers will be able to ensure your agreement properly captures all of them: 1. Territory – where will the agreement apply? (e.g. worldwide, Australia-wide, or just within a single state?). 2. Exclusivity – will other people be able to use a similar licence? Or is it only for the one company in question? 3. Term – how long will the licence last? 4. Revocability – can the licence be revoked and, if so, what are the implications? 5. Transferability & sub-licences – can the licence be transferred or sublicenced to another person or company? 6. Payments & royalties – are these to be paid yearly, by a percentage of sales, or by other means? 7. Purpose – what is the licence for? Does it encompass everything the licensee wants to use the IP for or does the licence cover only certain uses?