A Licence Agreement Term Sheet is commonly used when parties are negotiating the commercial terms of an intellectual property licence but aren't yet ready to proceed with full documentation. Under English and Welsh law, this document typically precedes the main licence agreement and helps parties align on fundamental terms including rights granted, territorial scope, duration, and financial arrangements. The term sheet format allows for efficient negotiation of key points without the immediate need for comprehensive legal documentation, though certain provisions may be made binding. It's particularly valuable in complex licensing arrangements where significant commercial terms need to be agreed before proceeding with detailed legal work.
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1. Parties: Identification and details of the licensor and licensee
2. Background: Context of the agreement and ownership of relevant IP rights
3. Definitions: Key terms used throughout the term sheet
4. Subject Matter: Description of the IP rights being licensed
5. Licence Grant: Scope and nature of the licence (exclusive/non-exclusive)
6. Territory: Geographical scope of the licence
7. Duration: Term of the licence and renewal provisions
8. Financial Terms: Licensing fees, royalties, and payment terms
1. Minimum Performance Requirements: Used when licensor wants to ensure minimum revenue or performance targets are met by the licensee
2. Sub-licensing Rights: Rights and conditions for the licensee to grant sub-licences to third parties
3. Improvements: Rights and obligations relating to improvements to the licensed IP
4. Technical Support: Provisions for technical support and maintenance from licensor
1. Schedule 1 - Licensed IP: Detailed description and specification of the intellectual property being licensed
2. Schedule 2 - Commercial Terms: Detailed financial terms, royalty calculations and payment schedules
3. Schedule 3 - Technical Specifications: Technical details and specifications of licensed technology or products
4. Schedule 4 - Quality Standards: Quality requirements, control procedures and compliance standards
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