Description
In this Agreement, the Licensor (the owner of certain intellectual property) grants to Licensee ( the manufacturer) the rights to manufacture, use and sell or otherwise distribute the Product offered to the licensee.
Under the provisions of the agreement, the licensee agrees not to make derivitive works of the product, or use the licenced IP to to create products that would compete directly or indirectly with the product.
In consideration for the use of the licensors IP, the licensee agrees to pay a royalty expressed as a percentage of the wholsale price.
Other areas covered in the agreement include term and termination, confidentiality, liability for injury, the right to audid the licensees books and indemnification.
