Royalty license agreement takes place between an individual and an authority for acquiring license of a product/brand name or service invented by that individual. The agreement describes the conditions and regulation related with usage of license.
Sample Royalty License Agreement
This agreement is made between the Owner of Product who will get the royalty of his product and the Company who want to use this product on 27th March 2011 and it will come in to effect from 1st April 2011.
The duration for the license will be five years. In addition, for renewing the license the company needs to apply 3 months in advance from the date on which the agreement is completing.
The license agreement affirms the royalty and proprietary rights of Owner regarding his books and other published/unpublished material. The Owner has given the rights to publish, sale, promote and distribution of his literary work to the Publishing House Company.
Details of Licensee
Name: Mr. Thomas Ray
Contact Number: 49673025
Business Details: person runs a Publishing Company.
Details of Royalty Holder
Name: Mrs. Rebecca Watson
Contact Number: 4862019753
Terms and Conditions of agreement
The Company will pay a sum of $ 3500 per year to the Royalty Holder as Royalty license fee on the date of agreement’s effect that is 1st April. In case of delay, an extra fine will also be charged.
The licensee got complete rights on profits and other benefits that they will get from the sale and distribution of literary work of Author.