The Software License Term Sheet is commonly used in the United States as a preliminary step in software licensing negotiations. It provides a structured framework for parties to agree on fundamental terms before investing in detailed legal documentation. This document typically includes license scope, fees, term, termination rights, and key obligations, serving as a roadmap for the final agreement. It's particularly useful in complex software licensing deals where parties need to align on commercial terms before proceeding with comprehensive legal documentation.
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1. Parties: Identification of licensor and licensee, including full legal names and addresses
2. Background: Context of the software licensing arrangement and brief description of the software product
3. Definitions: Key terms used throughout the term sheet including Software, Documentation, Intellectual Property Rights, License Fees
4. License Grant: Scope and nature of the software license, including usage rights, restrictions, and territory
5. License Fees: Payment terms, fee structure, and payment schedule
6. Term and Termination: Duration of the license, renewal terms, and conditions for termination
7. Intellectual Property Rights: Ownership of IP rights, protection measures, and infringement handling
8. Warranties and Limitations: Software warranties, disclaimer of warranties, and limitation of liability
1. Source Code Escrow: Terms for source code protection and release conditions, relevant for mission-critical software
2. Professional Services: Terms for implementation, customization, or maintenance services if required
3. Data Processing Terms: Terms for handling personal data, compliance with privacy laws, and data protection measures
4. Export Control: Compliance requirements with US export control laws and regulations
5. Disaster Recovery: Requirements for backup, recovery, and business continuity measures
1. Schedule A - Software Description: Detailed description of licensed software, features, and functionality
2. Schedule B - Service Level Agreement: Performance metrics, service levels, and support requirements
3. Schedule C - Fee Schedule: Detailed breakdown of licensing fees, payment terms, and pricing structure
4. Schedule D - Technical Requirements: Hardware, system, and infrastructure requirements for software operation
5. Schedule E - Maintenance and Support: Terms and conditions for ongoing maintenance and technical support services
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