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Product Royalty Agreement

Product Royalty Agreement Template for Ireland

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Key Requirements PROMPT example:

Product Royalty Agreement

"I need a Product Royalty Agreement for licensing our patented medical device manufacturing process to a German manufacturer, with a tiered royalty structure starting at 5% for the first €1M in sales and increasing to 8% thereafter, planned to commence from March 2025."

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Document background
The Product Royalty Agreement is a crucial commercial contract used when a product owner wishes to monetize their intellectual property by allowing others to use, manufacture, or sell their products while retaining ownership rights. This agreement type is commonly used across various industries and is particularly relevant in scenarios involving branded products, patented technologies, or proprietary designs. The document comprehensively addresses royalty calculations, payment terms, quality control, intellectual property protection, and compliance requirements. Under Irish law, the agreement must conform to local regulatory requirements, including the Patents Act 1992, Copyright and Related Rights Act 2000, and Competition Act 2002. It serves as a foundation for long-term commercial relationships while protecting both parties' interests through clear rights, obligations, and dispute resolution mechanisms.
Suggested Sections

1. Parties: Identifies and provides full legal details of all parties to the agreement

2. Background: Sets out the context of the agreement and the parties' intentions

3. Definitions: Defines key terms used throughout the agreement

4. Grant of Rights: Specifies the scope of rights granted for the product, including any territorial restrictions

5. Product Description: Detailed description of the product(s) covered by the agreement

6. Calculation of Royalties: Specifies the royalty rates and how they are calculated

7. Payment Terms: Details the timing, method, and currency of royalty payments

8. Reporting Requirements: Outlines the requirements for sales reporting and royalty calculations

9. Audit Rights: Establishes the right to audit sales records and payment calculations

10. Quality Control: Sets standards for product quality and approval processes

11. Intellectual Property Rights: Addresses ownership and protection of IP rights

12. Representations and Warranties: Standard warranties about product ownership and rights to license

13. Term and Termination: Duration of the agreement and circumstances for termination

14. Governing Law and Jurisdiction: Specifies Irish law as governing law and jurisdiction for disputes

Optional Sections

1. Minimum Guarantee: Include when there's a minimum royalty payment requirement regardless of sales

2. Sublicensing Rights: Include when the licensee is permitted to sublicense the product

3. Marketing Requirements: Include when specific marketing obligations are imposed on either party

4. Non-Competition: Include when parties agree to restrictions on competing products

5. Product Development: Include when ongoing product development or improvements are part of the agreement

6. Export Controls: Include for products subject to export regulations

7. Insurance Requirements: Include when specific insurance coverage is required

8. Force Majeure: Include when parties want specific provisions for unforeseen circumstances

Suggested Schedules

1. Schedule 1 - Product Specifications: Detailed technical specifications and descriptions of the licensed product(s)

2. Schedule 2 - Royalty Rates: Detailed breakdown of royalty rates, including any tiered structure

3. Schedule 3 - Reporting Template: Template for regular sales and royalty reports

4. Schedule 4 - Quality Standards: Detailed quality control requirements and specifications

5. Schedule 5 - Approved Territories: List of territories where the product may be sold

6. Appendix A - Brand Guidelines: Guidelines for use of trademarks and branding

7. Appendix B - Approval Procedures: Procedures for obtaining approval for product modifications or marketing materials

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




















































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Relevant Industries

Manufacturing

Technology

Consumer Goods

Pharmaceuticals

Entertainment

Software

Fashion and Apparel

Food and Beverage

Automotive

Electronics

Relevant Teams

Legal

Finance

Commercial

Business Development

Intellectual Property

Product Management

Operations

Accounting

Licensing

Compliance

Relevant Roles

Commercial Director

Licensing Manager

Intellectual Property Counsel

Chief Financial Officer

Business Development Manager

Product Manager

Commercial Lawyer

Contracts Manager

Finance Director

Operations Director

Chief Legal Officer

Royalty Administrator

Brand Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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