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WHAT ARE THE ELEMENTS OF LICENCE AGREEMENT IN THE FIELD OF INTELLECTUAL PROPERTY RIGHTS?


Intellectual property rightolder, as licensor, gives approval (license) to exploitation of their work, and the person receiving the approval (licensee) is obliged to pay agreed compensation for the same subject of approval.

Provisions of license agreement subject matter identify the intellectual property rights to be licensed, ownership i.e. rightholder, the product to be produced – if it is material way of use, i.e. competent law to be enforced etc.

The principal responsibility of licensor is to license their right, with modalities known in the Copyright and Related Rights Law, and other bounding legal sources, the Law on Obligatory Relations (exclusive, non-exclusive, license limited by space, time, subject matter etc.)

Responsibility of licensee is to pay royalty or any other form of compensation to licensor. Royalties can be in single payment or periodical payments, in installments, where royalties are fixed or based on certain criteria, as product sales volume, value rate etc.).

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