So you have the next big invention and are ready to move forward and make millions. That’s great, but as most Americans know it’s just not as simple as that, most of us don’t know much about patent law. In a society where money rules everything, someone is out there looking to cash in on your creative idea. The crazy thing is that they can easily do just that, if you are not careful. Most people know that the right move to make is to hire a patent attorney. These individuals know the complicated laws and understand the ins and outs of patent law. Just because you have a good patent attorney however, doesn’t mean you should be completely uneducated on the process. It is your idea and you should be educated on the main portions of the business license. When looking over the agreements, be absolutely sure to check the following segments of the contract so you understand just how your product or service is protected. The other segments are sometimes harder to understand and that’s where the patent attorney comes in. These however are crucial to know about in any patent law agreement.

Territory: This outlines the definition of the license in terms of geographic location. This is where the licensee can operate. Make sure you get details on potential worldwide sales clearly stated for the benefit of both parties.

Sublicensing: If you give right for a licensee to sublicense make sure you must be notified of such a move. Also, make sure these sub licensors are bound by the same terms as the original licensee.

Term of the license: This should be spelled out clearly. If, for some reason, your patent is no longer in force, the licensee will want to end the terms as the reason they obtain a license in the first place is to avoid any patent infringement.

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