The License And Royalty Agreement is a crucial document used when one party (licensor) wishes to grant another party (licensee) the right to use specific intellectual property while maintaining ownership rights and receiving compensation through royalty payments. This agreement type is particularly important in Hong Kong's dynamic business environment, where intellectual property transactions are frequent across various industries. The document must comply with Hong Kong's legal framework, including the Patents Ordinance, Trade Marks Ordinance, and Copyright Ordinance, while addressing international licensing considerations. It typically includes detailed provisions on permitted usage, territory restrictions, quality standards, payment terms, audit rights, and termination conditions. The agreement is essential for businesses seeking to monetize their intellectual property or access protected technologies, brands, or creative works.
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1. Parties: Identification of the licensor and licensee with full legal names and addresses
2. Background: Context of the agreement, description of the intellectual property, and parties' objectives
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of License: Scope of the license, including territory, exclusivity, and field of use
5. Term and Renewal: Duration of the agreement and renewal provisions
6. Royalties and Payment Terms: Royalty rates, calculation methods, payment schedule, and reporting requirements
7. Records and Audit Rights: Requirements for maintaining records and licensor's audit rights
8. Quality Control: Standards for using the licensed IP and quality maintenance requirements
9. Intellectual Property Protection: Obligations regarding IP protection, infringement, and enforcement
10. Representations and Warranties: Parties' representations regarding IP ownership, authority to license, and other warranties
11. Confidentiality: Protection of confidential information exchanged under the agreement
12. Termination: Grounds for termination and termination procedures
13. Post-Termination Obligations: Obligations of parties after agreement termination
14. General Provisions: Standard legal provisions including governing law, dispute resolution, and notices
1. Sublicensing Rights: Include when licensee is permitted to sublicense the IP to third parties
2. Improvements: Include when parties anticipate developments or improvements to the licensed IP
3. Minimum Performance Requirements: Include when licensor requires minimum sales or usage levels
4. Marketing and Promotion: Include when specific marketing obligations or restrictions apply
5. Technical Support: Include when licensor provides technical support or training
6. Source Code Escrow: Include for software licenses where source code protection is needed
7. Export Control: Include when licensed IP is subject to export control regulations
8. Data Protection: Include when personal data processing is involved
9. Insurance: Include when specific insurance coverage is required
10. Change of Control: Include when agreement terms may be affected by ownership changes
1. Licensed Intellectual Property: Detailed description of all IP being licensed, including registration numbers
2. Royalty Rates and Calculations: Detailed breakdown of royalty rates, calculation methods, and examples
3. Quality Control Standards: Specific quality requirements and testing procedures
4. Approved Products: List of products approved for use with licensed IP
5. Territory Definition: Detailed description of licensed territories including any restrictions
6. Reporting Templates: Templates for royalty reports and other required reporting
7. Technical Specifications: Technical requirements and specifications for using the licensed IP
8. Trademark Usage Guidelines: Guidelines for proper use of licensed trademarks
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