Product license agreement is a legal document which is drafted when an individual acquires the license to use the product invented by some other individual or company. The details of both the parties involved the details of the license and other terms and conditions are mentioned in this agreement.
Sample Product License Agreement
This agreement is signed between the License Applicant and the Product Inventor Organization on 18th May 2011 and it will be effective from 15th June 2011.
The duration for the license agreement will be 5 years and during his period, the applicant will be eligible to use the product for approved purpose.
The applicant has been given the license for the allovera-based skin Gel product and the license holder can sale, promote and distribute it on its beauty saloons spread across the country.
Details of Licensee
Title: Beauty Essence Pvt.Ltd.
CEO: Mrs. Leona Maxwell
Contact Number: 4870236406
Details of Product Inventors
Title: Herbal Research Center for Skincare
Director: Mr. Hans Van Miguel
Contact Number: 4320569710
Terms and Conditions of agreement
The license has been given for above mentioned period and it could be renewed or extended for 5 more years if both sides express willingness for that.
The Herbal research Center obtain the proprietary rights and manufacturing rights of this product and the licensee have to mention the name of centre on product packaging label. The licensee cannot make any change in the formula of Gel.
Violation of product license rights will be subjected under law.