Licensing Your Patent

The overall process of inventing can be exciting, but may also be financially draining. An inventor may finally receive a patent for their innovative work, only to realize they are in debt from the development phase of their invention. Licensing is one of the quickest ways to begin profiting from your invention, because you can sell your rights for commercial use, or let someone else complete the business end of development and marketing.

Types of Patent Licenses

If you decide to license, determining who may use your product/property, and how it may be used is one decision inventors need to consider. Licensors may choose grant a(n):

• Non-exclusive license
• Exclusive license

Non-exclusive rights may be given to any party who wants to pay only for the use of the patented product/property. An exclusive license generally grants rights of use to one party, typically assigning them more privileges like the right to sub-license and sue for infringement, but they also assume more responsibility.

Contact a Fort Worth Patent Attorney Today

If you or someone you know has received a patent for intellectual property and would like to license it out to another person or manufacturer, it is important to develop a legally sound licensing agreement that keeps your best interest in mind. Our Fort Worth patent attorneys with Gagnon, Peacock & Vereeke, P.C. are premier negotiators that have the industry experience and legal knowledge necessary to negotiate with companies and draft appropriate licensing agreements. Contact our Fort Worth legal team at (214) 317-4448 today for more information.