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Patented technology, like other forms of patented intellectual property, may be transferred through a license. A properly drafted technology license clearly states the scope, length of time, and any geographical limitations defining the agreement. Due to its complex nature, an experienced intellectual property attorney will be in the best position to advise you and protect your interests if you are considering entering into a technology license.

A technology license may be exclusive or nonexclusive. An exclusive technology license grants the licensee sole rights to use the patented technology. Because this type of license prohibits the use by anyone but the licensee, an exclusive technology license is the most the powerful. A nonexclusive technology license grants the licensee the right to the patented technology; however, reserves the right of the licensor to issue additional licenses to other parties (and competitors of the licensee) who wish to use the patented technology.

There a many situation where technology licenses are beneficial, including when an inventor, who works for a university or who invents things in his spare time in his basement, may not have the facilities or money to produce his invention. By giving permission to another party to make, use, or sell the invention through a license, the invention can produced and introduced to the public. Additionally, technology licensing allows the inventor to earn money from a patented invention.

Universities can earn substantial amounts of money from technology licenses. For example, the University of Florida holds the patent for Gatorade, which is an extremely lucrative invention. Other types of technological inventions that have been offered for licensing include genetically altered plants, food products, insecticides, medical devices, pharmaceuticals, coatings, chemicals and x-ray systems. Virtually any technology has the potential to be licensed.

Successful technology licensing requires researching the market for third parties interested in commercializing an invention, negotiating appropriate licenses, and ensuring that royalties are paid. An intellectual property lawyer can help an inventor with the technology licensing process.

Learn More: Reasons to Contact an Intellectual Property Attorney

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Reasons to Contact an Intellectual Property Attorney

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DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. Seek competent counsel for advice on any legal matter.

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