Commercialization Agreement
This Agreement is between ______________, an individual doing business at_______________ in the State of __________________hereafter Licensor and _______________, an individual doing business at______________________in the State of __________________hereafter Licensee for a license to promote the production, promotion, distribution, and sale of [product] Except where it is otherwise stipulated in this agreement or where there are other requirements in the context, the following terminology shall contain meanings as follows: (a) (b) (c) (d) Parties: Advertising Licensor and Licensee A party: Either Licensor or Licensee. A third party: Any party other than Licensor and Licensee. _______________________________________________
In consideration of the foregoing premises and the mutual covenants set forth in this agreement and other valuable considerations, the parties agree as follows: 1. License: Licensor hereby grants Licensee a limited non-exclusive, non-transferable license to use and sell [Product] during the term of this agreement Licensee agrees [product] provided by Licensor may be used for research purposes, field testing or__________________. All other rights in and to the [product], including but not limited to all copyright and other intellectual property rights relating to the [product] are retained by Licensor. 2. Royalties: Licensee shall pay Licensor royalties on [product] sold and distributed under this agreement. The royalty will be _______% of the gross revenue based on sales of the [product] sold and distributed by Licensee. Royalties shall be due on a quarterly basis. Upon request by Licensor, Licensee shall make available sufficient records to verify the amount of [product] sold and distributed during a particular quarter.
3. Compensation: Licensee shall make payment to Licensor pursuant to the royalties schedule indicated in this agreement. Payment shall be s