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exit route
Posted by Anonymous . updated on 2/26/2009
Hey im new here, i've just a few questions to ask. I have a patent and have approached a company who have offered me a licence agreement. They have offered 10% royalty of net sales for the first 10,000 then 5% thereafter. I've had a read over the document and I would feel a lot more comfortable with an exit route within the first year if they delay taking it to market. I do not want to be tied down for 5 years to 1 company and recieve no royalty. Is anyone able to help with how i should word what im trying to say?
Answers (1)
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JSonnab...
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If you are giving an exclusive license, or even a license with significant scope, it is imperative that you include performance provisions to avoid wasting the asset. Language for such terms can take any number of forms, and so I don't think you'll get useful specific guidance here. Have you spoken with an attorney?
- Jeff
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