Licensing Technology Drafting And Negotiating Agreements

A simple treatise does not need to have a section devoted to definitions, as definitions can be presented when specific terms are first discovered. A complex document should contain all the definitions in one section in order to facilitate the further elaboration and interpretation of the treaty. General terms used throughout the contract should be placed in this section, as should frequently used technical terms. An alphabetical or hierarchical order is recommended, the latter being used when a number of terms are closely related to each other and are close to each other, which would make it easier for the reader to navigate through the agreement. The more data and confirmatory reports you can provide to support your claims, the more convincing your arguments become. Therefore, you might want to prepare a strong opinion letter before meeting with licensees. Richard Woodbridge, a partner at Fox Rothschild in Princeton, NJ, offers to have your technology validated by a third-party organization like the Wisconsin Innovation Service Center. You should have your financial modeling verified by an independent valuation firm such as IncreMental Advantage. Well organized with all the documentation you have, it`s easier for licensing professionals on the other side of the table to work with you. One of the side effects of a well-organized organization is that it gives credibility to your claim that you are in talks with other organizations. (If you claim that other large companies are considering licensing your technology and your documents aren`t well organized, the other side will recognize your bluff.) Licensors often negotiate with potential licensees, who are much more experienced in the art of negotiation and come from very large organizations.

Here are some tips for inventors who have to negotiate against giants: the following sections may seem exaggerated to the licensing professional. However, each section, if not treated with care and foresight, may result in an agreement that is more than unsatisfactory for either party. A general principle in negotiations is that if you wait until you reach the negotiating table to start negotiations, you have already wasted leverage. Much of the negotiation process can be done outside the negotiating table. Inventors who want to go to large companies to license their inventions should realize that they are negotiating whenever they try to influence potential licensees. Inventors can increase their potential license value before turning to licensing partners by developing their technologies. the implementation of competitive intelligence with potential licensees to determine how the technology can best achieve the financial and strategic objectives of its objectives; and by creating enthusiasm for their technologies, catching the attention of the press, publishing articles (licensing professionals monitoring articles about the technologies they are looking for) or speaking at conferences….

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