What is a patent licensing agreement?

A patent licensing agreement is an agreement between two parties in which one party grants the other the right to use an invention that they have patented. In North Carolina, patent law governs the licensing of inventions that are protected by patents. A patent is a type of property that can be bought, sold, or licensed to other people. A patent licensing agreement is an arrangement between a patent holder and another party. It grants the licensee the right to use or manufacture the patented invention as long as certain conditions are met. The agreement sets out the terms of use, such as how much money needs to be paid, how long the license can be used, and any other restrictions. In addition to granting the use of the invention, a patent licensing agreement can also include other provisions such as warranties, disclaimers, and indemnity clauses. These clauses help protect the licensee in the event of a lawsuit or other legal proceedings. Patents provide inventors with a valuable tool to protect their inventions and to make money from their work. By entering into a patent licensing agreement, inventors can get compensated for their work and the licensee can use the invention in their business. Licensing agreements help provide incentive for inventors to continue to innovate and develop new inventions.

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