How to License your invention and make money!
What is an invention license?
There are two types of licenses (1) Exclusive and (2) Non-Exclusive. You can further define a license by geographic territory, for instance an exclusive license in the state of Florida to manufacture, promote, sell the particular item.
Risks involved with licensing
Challenges abound when it comes to invention licensing. Just a few examples would be: quality control, lack of sales, misrepresentation, accurate financial reporting, and windup of the agreement terminates.
Imagine you have a patent and on your own entered an exclusive licensing agreement with a manufacturer in Holly Hill, Florida. This manufacturer led you to believe your sales would increase and he is now the only one making your product. However, due to
a hurricane his production has been off and he is making 50% of the amount fo product you expected. Meanwhile you sit waiting for the contract to run its course or consider filing a lawsuit for breach of contract, but was there a breach?
How can I help you with Licensing?
I can review your manufacturing plans, contracts, financial forecasts, and provide the legal advice needed to advocate for your interests.
John R. Nelson
Attorney at Law