What is a Cross-Licensing Agreement?
When dealing with intellectual property, many companies find cross-licensing agreements to be incredibly beneficial. A cross-licensing agreement is a contractual arrangement between two or more parties in which each party is granted rights to a piece of technology, product, research, or other subject. Cross-licenses generally occur between companies that hold patents over different aspects of the same product. By entering into an agreement, each company involved can avoid litigation over infringement disputes.
At Gagnon, Peacock & Vereeke, P.C., our intellectual property attorneys have years of experience in protecting the intellectual property rights and interests of individuals and companies in the Dallas/Fort Worth area. Our legal team can help you form a cross-licensing agreement or other type of intellectual property agreement.
Benefits of Cross-Licensing
Companies who choose to enter into cross-licensing agreements, sometimes called patent pools, are able to enjoy a number of benefits:
- No need to spend excess time and resources developing independent technology
- Development and production go much faster, so companies can begin to see profit much sooner
In addition to the general benefits, some cross-licensing agreements are based on a royalty-free condition, so even more money can be saved. While the benefits far outweigh the costs, these agreements are legal contracts that businesses enter into with their competitors. For this reason, companies considering this type of contract should always consult with a qualified attorney in order to preserve their own interests.
Contact a Dallas/Fort Worth Intellectual Property Attorney
If you believe that your Dallas/Fort Worth business could profit from a cross-licensing agreement, we want to help you explore your options. Call the attorneys of Gagnon, Peacock & Vereeke, P.C., at (214) 824-1414 to speak to a qualified attorney who can give you the guidance and support you need today.