Technology license agreement takes place between a company who want to use a certain technology and the owner/inventor of that technology. The agreement draws the rules and regulations regarding execution of agreement and usage of technology by the licensee.
Sample Technology License Agreement
This agreement is made between the Applicant Company and the Technology Inventor Company on 25th May 2011 and the agreement will come in to effect from 1st June 2011.
The duration for the agreement and using of license will be 5 years. During this period, the licensee will be allowed to use this technology for mentioned purpose.
The licensee is given license for Green and Energy savvy house technology invented by company and the license holder can use it in his real estate business and develop residential and commercial apartments with this technology.
Details of Inventor Company
Title: Green World Pvt. Ltd.
CEO: Mr. Roger Dubrowasky
Contact Number: 4830269706
Details of License Holder
Title: Comfort Housing and Real Estate Developers Pvt.Ltd.
CEO: Mr. Ben Levin
Contact Number: 4830697120
Terms and Conditions of agreement
The licensee will not transfer the license rights to anyone else and will not make any such modifications that can bring elementary changes in technology. The Green World Pvt.Ltd. holds whole rights on this technology, therefore they have complete right to terminate the agreement if found any misconduct from licensee’s side.
The licensee will pay a sum of $ 1500 per year as license fee to the company. Violation of proprietary rights will be subjected under law.