Developing the right type of licensing team is one of the secrets to a successfully licensing your IP. These professionals help you develop, negotiate and manage your licensing program. Depending on your IP, the licensing team will include a licensing agent, an accountant, an attorney, and perhaps a public relations consultant and a graphics design firm.

partnersagentattorneypost

It’s important your attorney and licensing agent work together and understand each other’s role. An attorney reviews documents and provides basic advice on the IP rights. A licensing agent will typically focus on finding licenses and negotiating the deals.

Here are some tips on how to work with your IP attorney and licensing agent:

  1. Basic questions about licensing terms or royalty rates are best answered by the agent.
  2. The agent should have a form agreement that he uses as the starting point in any negotiation.
  3. Before the agent offers a licensing agreement to any potential licensees, the attorney reviews it to make sure that it represents the licensor’s interests.
  4. If a licensee provides their own licensing agreement, the agent should do the negotiating and then have the attorney review the final document before signing off on it.
  5. Once the licensing agreement is signed, the agent should manage the licensee, from providing information about the IP to collecting royalty payments.
  6. If a licensee has breached the license agreement in a minor way, such as by making a royalty payment ten days late, the agent handle it.
  7. If licensee stops performing or doesn’t correct a minor breach,the attorney determines the options available and guidance on how to resolve the issues.

The bigger your licensing business, the more important it is to manage the team effectively. Using that team efficiently helps you reduce their costs and maximize your money-making opportunities.

 

Free E-Course: 7 Ways to Use Licensing to Grow Your Business

Licensing4Profits is offering a free e-Course: 7 Ways to Build Your Business with Licensing. Your business IP is a revenue generating asset. Yet it’s an asset you may not be using to its full revenue potential. During this e-course, you’ll learn about 7 ways you can use licensing to get the most out of your business IP. You learn how to use it to launch new products, create revenues, get financing, start a new business, stand out from the competition and much more.

Click here to sign up for this free e-course.

Mr. Brenner has over 30 years IP management and licensing experience with various industries including consumer products, food, entertainment, software,health technology, medical devices and digital media. He has led international licensing programs as both licensee and licensor, and through consulting projects focused on strategy and management, outbound / inbound licensing initiatives, and IP audits and due diligence.. He has developed and managed deals with Fortune 1000 companies including Universal Studios, Fox Interactive, Sony Pictures, Dow, Cargill, SmithKline Glaxo, Ranir, Coca Cola, Kellogg’s, Hasbro, Mattel, and others. He is a public speaker and published writer, and has taught classes at the university level. His speaking events have included UC Irvine, Tritech/SBDC, Irvine Chamber, Fast Start Studios, ICFO Investors Conference, San Diego Investment Conference, Westlaw Legal Center (NYC), National Speakers Association, and the Hong Kong FilmArt Expo. He has written several articles on licensing intellectual property which have appeared in the Licensing Journal, Intellectual Property Magazine, and License India.

Leave a Reply

Your email address will not be published. Required fields are marked *