What is patent licensing?

Patent licensing is the legal transfer of the right to use a patent or patents from the patent holder (the “licensor”) to another party (the “licensee”). The licensee may use the patent in exchange for a royalty or other consideration, which is usually a payment for the right to use the patent. In Nevada, patent licensing typically occurs through a written agreement. This agreement outlines the rights, duties, and obligations of both the licensor and licensee. Generally, the licensor grants the licensee the right to make, use, and sell products covered by the patent, while protecting the right of the licensor to receive royalties or other consideration. Patent licensing also grants the licensee exclusive rights to the patent, preventing anyone else from using it without the express permission of the licensor. Generally, the licensor will retain ownership of the patent and may allow the licensee to have exclusive rights for a limited period of time. In return, the licensee pays the licensor a royalty or other consideration in accordance with the licensing agreement. Patent licensing can provide both the licensor and the licensee financial and other benefits, such as additional revenue streams, increased market share, and access to new technologies.

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