Intellectual Property Agreement

This Intellectual Property Agreement is made on ___________ (D/M/Y) between XYZ (company name), having its main office at ________ (street, city, state, country), hereby referred to as the “Grantor” and ABC (company name), having its main office at ________ (street, city, state, country), hereby referred to as the “Grantee”. This Intellectual Property Agreement is made to confirm that the Grantor grants to the Grantee a choice to obtain license for ________ (details of the licensed material). The Grantor will however hold the Intellectual Property rights for this product/property/creative work (details of the licensed material). The Grantee hereby agree to comply with all the terms and conditions set forth in this contract as is the case with all Intellectual Property Agreements of the state of _______. The Grantee confirms that he/she will not do anything to violate the clauses listed down in the agreement. Both parties have discussed all the intricacies involved in this Intellectual Property Agreement, the specifics of which are as under: 1. COPYRIGHT AND TRADEMARK

The Grantee, having discussed all details pertaining to this Intellectual Property Agreement with the Grantor has agreed to respect the Grantor’s need to protect his/her Intellectual Property Rights of the product/property/creative work. As in all Intellectual Property Agreements, the copyright and trademark of the property will remain with the Grantor, _______ (Grantor Name). 2. OWNERSHIP

The Grantor hereby takes complete ownership of the property and confirms to the Grantee the authenticity of his product/property. 2. TERM & PERIOD OF THE AGREEMENT

This Intellectual Property Agreement, valid for _____ years is effective from _________ (D/M/Y) and will last until ________ (D/M/Y). The agreement however can be terminated by either party with prior notice of ____ days. The Grantor can abruptly terminate the contract before the termination date upon violation of any/all terms and conditions specified in the Intellectual Property Agreement. 3. RENEWAL OF AGREEMENT

Intellectual Property Agreements can be renewed after termination of the contract by signing a renewal agreement. 4. FEE AND COST

The Grantee will pay a total amount of $________ to the Grantor for the use of the said property. An initial fee of $ _______ will be paid by the Grantee to the Grantor on ________ (D/M/Y). The remaining amount will be handed over to the Grantor on or before _________. A royalty fee not exceeding ______ percent (____ %) of the net profit will be paid by ________ (Grantee Name) to ______ (Grantor Name) by _________ (D/M/Y). 5. PRIVACY AND CONFIDENTIALITY

Intellectual Property Agreements ensure that both party shall maintain confidentiality and will not disclose any information agreed upon in this agreement to any third party unless required in the course of business, which will be agreed upon by mutual consent. 6. PLAN OF ACTION

The Grantee shall discuss the preliminary business plan with the Grantor to decide how he/she plans to commercialize the obtained rights. Both parties must agree upon a set plan of action as per the Intellectual Property Agreements of the state. 7. WARRANTY

As the use of the property/product/creative work is experimental by nature, the Grantor will not provide any warranty to the Grantee regarding any losses or damage that may incur to the Grantee or to any third party during the course of the business. 9. WAIVER

There will not be any changes or waiver of any fees listed in the agreement unless agreed by the Grantor in writing. This Intellectual Property Agreement has been agreed upon by both the Grantor and the Grantee. IN WITNESS WHEREOF, both parties have appointed their respective authorized representatives to execute the agreement on _________ (D/M/Y). GRANTOR GRANTEE

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By: Name: By: Name:

Designation: Designation:

Address: Address:

Date: Date:

WITNESS:

1. Name:

Occupation:

Address:

Signature:

2. Name:

Occupation:

Address:

Signature: