- On May 8, 2018
Intellectual property (IP) is any “intangible asset of the mind,” including inventions, literary or artistic works, designs, names, and know-how. IP can be protected by obtaining patents, copyrights, or trademarks to earn recognition or reap financial benefit while preventing others from exploitation.
There are several ways an IP owner can further capitalize on their ideas, one of which is to license, or “rent” the IP to a licensee while retaining ownership. A licensing agreement authorizes a licensee to use the owner’s IP in exchange for an agreed payment known as a royalty or licensing fee.
|Licensing Benefits for Owner:||Licensing Benefits for Licensee:|
|Allows expansion of reach without increasing workload and infrastructure||Allows lawful use the owner’s IP|
|Helps attain a steady stream of income||Profits by manufacturing, selling, distributing and marketing various goods or services which would otherwise be prevented|
The IP lawyers at Kelleher & Buckley, LLC are ready to assist both IP owners and licensees to discuss all available options.
For more information, please contact Ron Kowalczyk, Robin Kelleher, Keith Zerman, Helmut Gerlach or another one of Kelleher & Buckley, LLC’s 27 attorneys at (847) 382-9130.