Once you have obtained a patent for your invention or innovation, you have several options as to what to do with your patented invention, from selling or employing the invention or innovation in your own business to working with a manufacturer to produce your invention to contracting with a distributor to get your product out in the market. Regardless of how you decide to best employ and profit from your new invention, in most instances, licensing the patent will be an important part of the process.
Licensing is the process whereby one grants exclusive or non-exclusive rights over a patent to a licensee. Such grants of rights are usually compensated for by royalties paid to the patent owner. A license constitutes a legal contract and governs the terms and conditions for the granting and exercise of the rights to a patent. For this reason, even when royalties are not to be paid, it is nonetheless highly advisable to have a licensing agreement in order to prevent your rights as patent owner from being abused or abbrogated.
An alternative to licensing your patent is to assign it to another person or entity. Whereas licenses are generally revokable and may grant rights to the patent only temporarily, assignments are irrevocable and entail the sale and transfer of ownership of a patent permanently.
Because of their importance in protecting and securing your rights, it is crucial to have licensing and assignment agreements that are properly constructed to give you maximum benefits with minimized risks and/or costs. Without the proper agreements in place, your invention can potentially be stolen or misappropriated, leaving you with limited remedies and facing extended litigation to recover your property. The lawyers of the Wilson Legal Group have drafted numerous licensing and assignment agreements. They have also seen, in their extensive patent litigation experience, the detrimental effects of other's poorly crafted agreements. If you have a patent that you are interested in licensing or assigning, you need to have knowledgeable attorneys to assist you and to advise you how best to protect your rights. Let the attorneys of the Wilson Legal Group put their talents and experience to work for you, protecting your rights and securing the value of your inventions.
WILSON LEGAL GROUP P.C.
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
+1 (972) 248-8080
Mr. Wilson was extremely responsive and easy to contact. He quickly addressed the questions that I had and assisted me skillfully with my case.."
- Bart Looper, Looper Law Enforcement Brand
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