The Royalty Bearing License agreement is essential in commercial transactions where intellectual property rights are being licensed for monetary consideration in New Zealand. This document is typically used when an IP owner wishes to maintain ownership while allowing another party to commercially exploit the IP in exchange for ongoing royalty payments. The agreement comprehensively addresses key aspects such as license scope, territory restrictions, royalty calculations, payment terms, quality control measures, and compliance with New Zealand intellectual property and contract laws. It's particularly relevant in scenarios involving patents, trademarks, copyrights, or trade secrets, where the value of the IP justifies a continuing royalty arrangement rather than a one-time payment. The document includes specific provisions for monitoring and reporting sales, conducting audits, and ensuring proper IP usage, while complying with New Zealand's legal framework, including the Copyright Act 1994, Patents Act 2013, and relevant commercial legislation.
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1. Parties: Identifies and provides full legal details of the licensor and licensee
2. Background: Explains the context of the agreement, ownership of the intellectual property, and the parties' intentions
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Grant of License: Specifies the exact rights being granted, including scope, territory, and exclusivity
5. Term and Renewal: Defines the duration of the license and any renewal options
6. Royalty Payments: Details the royalty rates, calculation methods, payment terms, and reporting requirements
7. Audit Rights: Establishes the licensor's right to audit the licensee's records for royalty verification
8. IP Ownership and Protection: Confirms ownership of IP rights and obligations regarding IP protection
9. Quality Control: Sets standards for the use of the licensed IP and quality maintenance requirements
10. Confidentiality: Defines confidential information and establishes protection obligations
11. Representations and Warranties: States the parties' warranties regarding IP ownership, authority to contract, and other key matters
12. Indemnification: Specifies each party's indemnification obligations
13. Termination: Details circumstances allowing termination and the consequences of termination
14. General Provisions: Includes standard clauses such as notices, assignment, governing law, and dispute resolution
1. Sublicensing Rights: Include when the 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 setting minimum sales or performance targets
4. Marketing and Promotion: Include when specific marketing obligations or restrictions apply
5. Source Code Escrow: Include for software licenses where source code protection is needed
6. Export Control: Include when the licensed IP may be subject to export restrictions
7. Insurance: Include when specific insurance coverage is required
8. First Right of Refusal: Include when granting the licensee priority rights for additional territories or products
1. Schedule 1 - Licensed Intellectual Property: Detailed description of all IP being licensed, including registration numbers
2. Schedule 2 - Royalty Rates and Calculations: Detailed breakdown of royalty rates, calculation methods, and examples
3. Schedule 3 - Territory: Specific definition of geographic territories covered by the license
4. Schedule 4 - Quality Standards: Detailed quality control requirements and specifications
5. Schedule 5 - Reporting Template: Template for regular royalty reports and sales information
6. Schedule 6 - Approved Sub-licensees: List of pre-approved sub-licensees if applicable
7. Appendix A - Technical Specifications: Technical details of licensed technology or products
8. Appendix B - Brand Guidelines: Guidelines for use of licensed trademarks or branding
Relevant legal definitions
Clauses
Relevant Industries
Technology
Software Development
Manufacturing
Entertainment
Media & Broadcasting
Pharmaceuticals
Biotechnology
Consumer Goods
Fashion & Apparel
Research & Development
Education
Publishing
Gaming
Industrial Design
Telecommunications
Relevant Teams
Legal
Intellectual Property
Finance
Commercial
Business Development
Research and Development
Product Development
Licensing
Compliance
Technology Transfer
Operations
Relevant Roles
Legal Counsel
Intellectual Property Manager
Licensing Director
Commercial Manager
Business Development Manager
Chief Technology Officer
Chief Financial Officer
Contracts Manager
IP Rights Manager
Royalty Administrator
Finance Director
Research Director
Product Manager
Technology Transfer Officer
Compliance Officer
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