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License Agreement Term Sheet
"I need a License Agreement Term Sheet for licensing our proprietary software technology to a Singapore-based manufacturer, with exclusive rights in Southeast Asia and a minimum annual royalty of $500,000, planned to commence in March 2025."
1. Parties: Identification of licensor and licensee with full legal names and addresses
2. Background: Context of the agreement and brief description of the intellectual property being licensed
3. Definitions: Key terms used throughout the term sheet defined for clarity
4. License Grant: Specific rights being granted, including scope and type (exclusive/non-exclusive)
5. Territory: Geographical scope of the license
6. Term: Duration of the license agreement
7. Financial Terms: Payment structure, royalties, and other financial obligations
8. Governing Law: Specification of Singapore law as governing law
1. Sublicensing Rights: Terms for sublicensing, if permitted - include when licensee may need to sublicense rights to third parties
2. Quality Control: Standards and requirements for licensed products/services - particularly important for trademark licenses
3. Improvement Rights: Rights to improvements or modifications - include when licensed IP may be improved during the term
4. Exit Rights: Terms for early termination - include when parties want flexibility to exit the agreement
1. Schedule 1 - Licensed IP: Detailed description of intellectual property being licensed
2. Schedule 2 - Royalty Calculations: Detailed methodology for calculating royalties
3. Schedule 3 - Technical Specifications: Technical details of licensed technology or products
4. Schedule 4 - Quality Standards: Specific quality requirements and testing procedures
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