A
license is a legal agreement that allows someone other than the inventor to use
an idea or invention, usually for a set period of time. In return, the inventor
is paid royalties, which can be a lump sum or ongoing payments. It usually
costs less to license an idea than to market or manufacture the product or
technique yourself.
You will need some kind of trademark or patent
protection to successfully license your product. Disputes often arise regarding
the timeframe, scope, or royalties owed under a licensing agreement. Lawyers
who specialize in licenses, trademarks, and patents undergo extra training,
making it advisable to talk with an intellectual property lawyer before signing
a licensing agreement or pursuing legal action.
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